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TMI Blog2021 (6) TMI 922X X X X Extracts X X X X X X X X Extracts X X X X ..... 012 (7) TMI 158 - BOMBAY HIGH COURT] the Hon ble jurisdictional High Court has held that the assessee can make a revised/fresh claim in course of proceedings before the assessing officer and appellate authorities. Denial of assessee s claim of deduction under section 80P(2)(d) is interest was earned from a co-operative bank - In our view, the aforesaid reasoning of the assessing officer would not hold water as in various case laws cited by the learned counsel for the assessee, the Tribunal has taken a consistent view that co-operative banks are primarily co-operative societies; hence, any interest/dividend earned from such co-operative banks would be eligible for deduction under section 80P(2)(d) of the Act. - Decided in favour of asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee s claim and added back an amount of ₹ 20,79,677/-. Assessee contested the aforesaid addition before learned Commissioner of Income Tax (Appeals). Agreeing with the view of the assessing officer that assessee s claim of deduction under section 80P(2)(d) cannot be allowed, as, such claim was not made either in the original return of income or in a revised return of income, learned Commissioner of Income Tax (Appeals) upheld the disallowance. Consequently, he did not decide the merits of the issue. 6. The learned counsel for the assessee submitted, now it is well settled principle of law that the assessee can make a fresh claim in course of assessment proceedings and even before the appellate authority. Therefore, the deduction ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... thority to consider a revised/fresh claim of the assessee. In case of CIT vs Prithvi Brokers Shareholders (2012) 23 taxmann.com 23, the Hon ble jurisdictional High Court has held that the assessee can make a revised/fresh claim in course of proceedings before the assessing officer and appellate authorities. 10. As regards the merits of the issue, it is evident, only reason for denial of assessee s claim of deduction under section 80P(2)(d) is, interest was earned from a co-operative bank. However, in my view, the aforesaid reasoning of the assessing officer would not hold water as in various case laws cited before me by the learned counsel for the assessee, the Tribunal has taken a consistent view that co-operative banks are primarily ..... X X X X Extracts X X X X X X X X Extracts X X X X
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