9911796707
TMI Blog2023 (4) TMI 994X X X X Extracts X X X X X X X X Extracts X X X X ..... e 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, definin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Income-tax Act, 1961 (hereinafter also called the Act ) on interest income earned from Maharashtra Gramin Bank. 3. Tersely, the facts of the case for the first assessment year are that the assessee is a cooperative credit society which filed return declaring total income at Nil. The Assessing Officer (AO), during the course of assessment proceedings, found that the assessee had earned inte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... view of the catena of decisions delivered by the Pune Benches. The Pune Bench in Rena Sahakari Sakhar Karkhana Ltd. Vs. Pr.CIT (ITA No.1249/PUN/2018) has held, vide its order dated 07-01-2022, 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 se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e mutatis mutandis similar. For this year, the AO denied deduction u/s.80P in respect of interest income of Rs.2,59,128/- received from Maharashtra Gramin Bank, which came to be countenanced in the first appeal. 7. After hearing the ld DR and perusing the material on record, it is seen that the facts and circumstances of this appeal are similar to those of the immediately preceding assessment ..... X X X X Extracts X X X X X X X X Extracts X X X X
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