9911796707
TMI Blog2022 (12) TMI 797X X X X Extracts X X X X X X X X Extracts X X X X ..... ive agricultural and rural development bank, are not eligible for deduction pursuant to insertion of section 80P(4) w.e.f. 1.4.2007, but this provision does not dent the otherwise eligibility u/s 80P(2)(d) of the Act of a co-operative society on interest income on investments/deposits parked with a co-operative bank, which is a registered co-operative society as per section 2(19) of the Act, defin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... come-tax Act, 1961 (hereinafter also called the Act.) in relation to the assessment year 2018-19. 2. I have heard the ld. DR and gone through the relevant material on record. There is no appearance from the side of assessee despite notice. I, therefore, proceed to dispose off the appeal ex parte qua the assessee. 3. Briefly stated, the facts of the case are that the assessee is a Cooperat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4. After hearing the ld. DR and perusing the relevant material on record, it is seen that the assessee is a co-operative society registered under Maharashtra Cooperative Societies Act, 1960. During the year under consideration, the assessee earned interest amounting to Rs.1,73,110/- from deposits kept with banks. The issue of granting deduction u/s 80P on such an income is no more res integra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Act, 1912 or under any law for the time being in force. The assessee is also a Co-operative society registered under the Cooperative Societies Act. Respectfully following the decision of the Division Bench, I overturn the impugned order and direct to grant deduction u/s.80P(2)(a)(i) of the Act on the amount of interest earned from various Co-operative Banks. 5. In the result, the appeal is all ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
