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TMI Blog2022 (1) TMI 928X X X X Extracts X X X X X X X X Extracts X X X X ..... ction u/s. 80P for sole reason of its being situated in Mumbai is not legally sustainable. Hence, the order passed by the Ld.CIT(A) is set aside and this appeal by the assessee stands allowed. - I.T.A. No. 849/Mum/2021 - - - Dated:- 10-1-2022 - Shri Shamim Yahya, Accountant Member For the Assessee : None For the Department : Shri T. Sankar ORDER PER SHRI SHAMIM YAHYA (AM) :- This appeal by the assessee is directed against the order of learned Commissioner of Income Tax (Appeals)-30 dated 01.05.2020 and pertains to assessment year 2019-20. 2. Grounds of appeal read as under:- 1. The Learned C1T(A) has erred in confirming the disallowance of deduction u/s 80P(2)(d) of ₹ 737074 (including interest on S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ashtra Co operative Societies Act 1960. Therefore the due date of filing of return of income us 139(1) is 30th September 2019 and society has filed return of income on 26th September 2019 within due date. Therefore it is not correct to say that return is not filed within due date. Furthermore deduction under 80P is allowed since inception of the society. Thereafter intimation us 143(1) dated 01.05.2020 was received on email on 06th May 2020. In the intimation appellant observed that deduction u/s.80P of ₹ 7,87,074/- claimed was not computed by the CPC. Appellant, Co operative Housing Society, have received interest from Co operative Bank amounting ₹ 7,37,074 (including interest on saving bank ₹ 3470). Appellant ijas claime ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ce with and subject to the provisions of this section, the sums specified in subsection (2), in computing the total income of the assessee. (2) The sums referred to in sub-section (1) shall be the following, namely :- ( a ) in the case of a co-operative society engaged in- ( i ) carrying on the business of banking or providing credit facilities to its members, or ( ii ) a cottage industry, or ( iii ) the marketing of agricultural produce grown by its members, or ( iv ) the purchase of agricultural implements, seeds, livestock or other articles intended for agriculture for the purpose of supplying them to its members, or ( v ) the processing, without the aid of power, of the agricultural produce of its members, or ( v ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oilseeds, fruits or vegetables, as the case may be, to the public), the whole of the amount of profits and gains of such business; ( c ) in the case of a co-operative society engaged in activities other than those specified in clause ( a ) or clause ( b ) (either independently of, or in addition to, all or any of the activities so specified), so much of its profits and gains attributable to such activities as does not exceed,- ( i ) where such co-operative society is a consumers' co-operative society, one hundred thousand rupees; and ( ii ) in any other case, fifty thousand rupees. Explanation. -In this clause, consumers' co-operative society means a society for the benefit of the consumers; ( d ) in respect of any ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y, as referred to in those clauses included in the gross total income as reduced by the deductions under section 80HH, section 80HHA, section 80HHB, section 80HHC, section 80HHD, section 80-I, section 80- IA, section 80J and section 80JJ. (4) The provisions of this section shall not apply in relation to any co-operative bank other than a primary agricultural credit society or a primary co-operative agricultural and rural development bank. Explanation.- For the purposes of this sub-section,- ( a ) co-operative bank and primary agricultural credit society shall have the meanings respectively assigned to them in Part V of the Banking Regulation Act, 1949 (10 of 1949); ( b ) primary co-operative agricultural and rural developm ..... X X X X Extracts X X X X X X X X Extracts X X X X
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