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TMI Blog2022 (12) TMI 1164X X X X Extracts X X X X X X X X Extracts X X X X ..... ion. In the said case, the Tribunal discussed the contrary views expressed in Tumkur Merchants Souharda Credit Cooperative Ltd. [ 2015 (2) TMI 995 - KARNATAKA HIGH COURT] allowing deduction u/s. 80P on interest income and that of Mantola Cooperative Thrift Credit Society Ltd. [ 2014 (9) TMI 833 - DELHI HIGH COURT] not allowing deduction u/s.80P on interest income earned from banks. Both the Hon ble High Courts took into consideration the ratio laid down in the case of Totgar s Cooperative Sale Society Ltd. [ 2010 (2) TMI 3 - SUPREME COURT] . No direct judgment from the Hon ble jurisdictional High Court on the point having been pointed out, the Tribunal in Shri Laxmi Narayan Nagari Sahakari Pat Sanstha Maryadit (supra) preferred to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rest income, cannot be sustained. Appeals are allowed. - ITA No. 278/PUN/2022, 279/PUN/2022 - - - Dated:- 22-12-2022 - Shri R.S. Syal, Vice President And Shri Partha Sarathi Chaudhury, Judicial Member For the Assessee(s) : Shri Girish Ladda For the Revenue : Shri Keyur Patel, CIT-DR ORDER PER BENCH : These appeals by two different assessees assail the passing of the revisionary orders by the ld. Principal Commissioner of Income-tax u/s.263 of the Income-tax Act, 1961 (hereinafter also called the Act ) in respect of assessment year 2017-18. Since a common issue is raised in these two appeals, we are, therefore, proceeding to dispose them off by this consolidated order for the sake of convenience. ITA No.27 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n the ld. PCIT(s) understanding that the allowing of the deduction by the AO(s) u/s 80P is contrary to law. Insofar as the allowability of deduction u/s.8P(2)(a)(i) is concerned, we find that the Pune Tribunal in Sureshdada Jain Nagari Sahakari Patsanstha Maryadit Vs. The Pr.CIT (ITA No.713/PUN/2016) has decided the question of availability of deduction u/s 80P on interest income by noticing that the Bench in an earlier case of Shri Laxmi Narayan Nagari Sahakari Pat Sanstha Maryadit Vs. ITO (ITA No.604/PN/2014) has allowed similar deduction. In the said case, the Tribunal discussed the contrary views expressed by the Hon ble Karnataka High Court in Tumkur Merchants Souharda Credit Cooperative Ltd. Vs. ITO (2015) 230 Taxman 309 (Kar. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ive society as per section 2(19) of the Act, defining co-operative society to mean a co-operative society registered under the Co-operative Societies Act, 1912 or under any law for the time being in force. The assessees are also Co-operative societies registered under the Act and hence qualify for the grant of the deduction. Similar view has been taken by the Pune Tribunal in several cases including The Sesa Goa Employees Coop. Credit Society Ltd. Vs. ACIT (ITA No.203/PUN/2019) vide order dated 16- 11-2022). 6. In view of the foregoing, we hold that the impugned orders questioning the grant of deduction u/s.80P(2)(a)(i)/80P(2)(d) in respect of interest income, cannot be sustained. 7. In the result, both the appeals are allowed. O ..... X X X X Extracts X X X X X X X X Extracts X X X X
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