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TMI Blog2022 (1) TMI 888X X X X Extracts X X X X X X X X Extracts X X X X ..... hat the assessee society has received interest from a co-operative bank, which is having the license from RBI. In this view of the matter, the issue is squarely covered in favor of the assessee by the aforesaid decision of Hon ble Supreme Court in THE MAVILAYI SERVICE COOPERATIVE BANK LTD. ORS. VERSUS COMMISSIONER OF INCOME TAX, CALICUT ANR. [ 2021 (1) TMI 488 - SUPREME COURT] - Decided again ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... enial of deduction of ₹ 48,69,271/-made by the Assessing Officer under section 80P (2) (d) of the Income tax Act, 1961 (hereinafter referred to as the Act ) in respect of interest income derived by the Appellant from Saraswat Co-operative Bank, which is a co-operative society. 2. While upholding such denial of deduction under section 80P (2) (d) of the Act, the CIT (A) erred by not addre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... submitted that the issue involved in these appeals related to treatment of interest received by co-operative societies from other co-operative societies including cooperative bank under section 80P(2)(d). He submitted that the issue is squarely covered in favour of the assessee by the decision of Hon ble Supreme court in the case of Mavilayi Service Co-operative Bank Ltd. Ors. Vs. CIT civil appe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ich are co-operative societies who must possess a license from the RBI to do banking business. Given the fact that the assessee in that case was not so licensed, the assessee would not fall within the mischief of section 80P(4). 9. Examining present case on the touchstone of above decision, we find that it is nobody s case that the assessee society has received interest from a co-operative bank ..... X X X X Extracts X X X X X X X X Extracts X X X X
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