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TMI Blog2023 (2) TMI 202X X X X Extracts X X X X X X X X Extracts X X X X ..... aised in the instant appeal challenges correctness of both the lower authorities action denying it sec.80P deduction of interest income derived from cooperative/nationalized banks. The learned lower authorities also holding the assessee as a cooperative bank and not a cooperative credit society eligible for the impugned deduction. Their very objection continues for the status of the assessee's alleged nominal as well as regular members. This leaves the assessee aggrieved. 3. I have given my thoughtful consideration to vehement rival stands against and in support of the impugned disallowance and find no merit in Revenue's arguments. It is made clear that hon'ble apex court's recent landmark decision in Mavilayi Service Co-operative Bank ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the ld. CIT(A). ITA No.628/PUN/2022 : 3. In this appeal, the Revenue is aggrieved by the granting of deduction u/s.80P in respect of interest and dividend income on the funds invested in scheduled banks/financial institutions. The facts of this case are that the assessee, a co-operative society, filed its return declaring total income at Rs.3,94,980/-. Deduction was claimed u/s 80P of the Act in respect of interest income derived from deposits with cooperative banks, post office, scheduled banks and dividend from mutual funds/SIP investments, which was denied by the AO. The ld. CIT(A) reversed the assessment order on this score by granting the deduction. Aggrieved thereby, the Revenue has approached the Tribunal. 4. We have heard t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Shri Laxmi Narayan Nagari Sahakari Pat Sanstha Maryadit (supra) preferred to go with the view in favour of the assessee by the Hon'ble Karnataka High Court in the case of Tumkur Merchants Souharda Credit Cooperative Ltd. (supra). The position continues to remain the same before this Tribunal also. 6. Coming to the eligibility of deduction u/s.80P(2)(d) and after considering the language of the section, it is observed that though co-operative banks, other than primary agricultural credit society or a primary co-operative 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-o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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