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TMI Blog2022 (10) TMI 257X X X X Extracts X X X X X X X X Extracts X X X X ..... aim deduction in respect of interest received from another co-operative bank under section 80(P)(2)(d) - we confirm the order passed by the CIT(A) and dismiss the appeal of Revenue. - ITA No.445/SRT/2019 - - - Dated:- 6-10-2022 - Shri Pawan Singh, JM And Dr. A.L. Saini, AM For the Assessee : Shri Kamlesh Bhatt, C.A For the Respondent : Shri Vinod Kumar, Sr-DR ORDER PER DR. A. L. SAINI, ACCOUNTANT MEMBER: Captioned appeal filed by the Revenue, pertaining to assessment year 2015- 16, is directed against the order passed by the Learned Commissioner of Income Tax (Appeals)-2, Surat, [for short Ld.CIT(A) ] dated 31.07.2019, which in turn arises out of an order passed by the Assessing Officer u/s 143(3) of the Incom ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r the head income from other sources. While making addition, the Assessing Officer relied on the decision of Hon'ble High Court of Karnataka in the case of CIT vs. Totagars Co-Op Sale Society 83 taxmann.com 140 (2017) dated 16.06.2017. 4. Aggrieved by the order of Assessing Officer the assessee carried the matter in appeal before Ld. CIT(A) who has deleted the addition made by Assessing Officer observing as follows:- relied on the decision of Hon. High Court of Karnataka in the case of CIT vs. Totagars Co-Op Sale Society. However, the aforesaid decision is not applicable to the facts of the appellant s case as the appellant-society has claimed deduction u/s 80P(2)(d) and not u/s 80P(2)(a) of the Act. Deduction u/s 80(P)(2)(a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t Society and others ITA No.1891/Ahd/2014 dtd 23.01.2018 (f) ITAT Surat Bardoli Vibhag Gram Vikas Co-op Credit Society Ltd ITA 2582/Ahd/2014/SRT dtd 28.06.2018 ITANo.2166/Ahd/2014/SRT dtd 18.04.2017 (g) ITAT Surat Dist. Co-op Milk Producers Union Ltd ITA No.1498/Ahd/2012/SRT, ITA 1706 1211/Ahd/2015/SRT dtd 03.08.2018 (h) ITAT Ahmedabad The Commercial Co-operative Credit Society Ltd. ITA No.2227/Ahd/2017 dtd 13.07.2018 (i) ITAT Ahmedabad the Saroday Credit cum Consumer Co-op society Ltd ITA No.1875/Ahd/2015 dt.11.07.2018 (j) ITAT Ahmedabad The Uttar Gujarat Uma Co-op Credit Society Ltd ITA No.1670 1671/Ahd/2018 dtd 28.02.2019. In all these cases, it was held that interest income earned by assessee co- Oper ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... acts of the case and binding legal decisions of jurisdictional ITAT as well as Hon'ble Gujarat High Court, the interest income of Rs.1,57,50,379/- is held to be eligible for deduction u/s 80P(2)(d) as this interest amount was received from District Co-operative Bank. The AO is hereby directed to allow the same. This ground is allowed in the favour of the appellant. 5. Aggrieved by the order of Ld. CIT(A) the Revenue is in appeal before us. 6. Learned DR for the Revenue has primarily reiterated the stand taken by the Assessing Officer, which we have already noted in our earlier para and is not being repeated for the sake of brevity. 7. On the other hand, Ld. Counsel for the assessee defended the order passed by the Ld. CIT(A). ..... X X X X Extracts X X X X X X X X Extracts X X X X
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