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TMI Blog2021 (5) TMI 635X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Act is squarely covered by the decisions relied upon by the learned Counsel for the assessee as aforesaid wherein identical issue, except variation in figures, has been decided by the Tribunal in (i) Amit Tata Employees Co operative Housing Society Ltd. v/s ACIT, [ 2019 (7) TMI 1811 - ITAT MUMBAI] (ii) Poonam Chambers Premises Co Op. Society Ltd. v/s ACIT. [ 2018 (8) TMI 2033 - ITAT MUMBAI] (iii) Merwanjee Cama Park Co operative Housing Society Ltd. v/s ITO [ 2017 (10) TMI 58 - ITAT MUMBAI] (iv) ITO v/s Eternity Co operative Housing Society Ltd. [ 2018 (5) TMI 2029 - ITAT MUMBAI] Consistent with the view taken in the aforesaid Co ordinate Bench decisions in which the decision of the Hon ble Karnataka High Court in Totagars Co ope ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 19, for assessment year 2013 14, the decision of which will be applicable to the appeal for A.Y. 2014 15 as well, since the issue involved is common in both the years under consideration, except variation in figures. ITA no.3870/Mum./2019 Assessment Year 2013 14 3. The only ground raised in both the years under consideration is reproduced below: On the facts and in the circumstances of the case and in law, the learned CIT(A) erred in deleting the disallowance under section 80P(2)(d), rightly made by the Assessing Officer on account of claim of interest income from the deposits in Co operative bank, in view of the decision of the Hon ble Karnataka High Court in the case of Totagars Co operative Society (395 ITR 611). ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h the following reasons: 1. The said interest income on from other co operative banks is not eligible for deduction under section 80P(2)(d) since these banks are not a co operative society in view of the definition contained in section 2(19) of the Act and in view of the provisions of section 80P(4) w.e.f. 01.04.2007, which provides that a co operative bank is not eligible for deduction under section 80P, and thus differentiates the co operative bank from other co operative societies. Further, that the co operative banks are functioning at par with commercial bank. 2. The interest income earned from co operative banks by the appellant does not satisfy the condition of mutuality and is accordingly taxable as income from other sou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee on the investments held with the Co operative Bank and the Assessing Officer was not justified in disallowing the deduction. The learned Commissioner (Appeals) further noticed that the said amount of ₹ 2,09,07,669, is less than the gross total income of ₹ 2,13,29,796 and, therefore, the Assessing Officer was directed to allow the deduction. The Revenue being aggrieved by the order so passed by the learned Commissioner (Appeals) is in appeal before us. 8. The learned Departmental Representative supported the order of the Assessing Officer submitted that the disallowance made by the assessing officer under section 80P(2)(D) of the Act was rightly made by the Assessing Officer on account of claim of interest income from ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rned Commissioner (Appeals) be upheld. 11. Considered rival submissions and perused the material available on record including the case laws relied upon by the parties. We find that the issue in respect of deduction claimed in respect of interest income earned from Co operative Banks under section 80P(2)(d) of the Act is squarely covered by the decisions relied upon by the learned Counsel for the assessee as aforesaid wherein identical issue, except variation in figures, has been decided by the Tribunal in (i) Amit Tata Employees Co operative Housing Society Ltd. v/s ACIT, ITA no.292/Mum./2018, A.Y. 2014 15, order dated 26.07.2019; (ii) Poonam Chambers Premises Co Op. Society Ltd. v/s ACIT, ITA no. 4463/Mum./2017, A.Y. 2014 15, dated 23. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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