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TMI Blog2023 (5) TMI 34X X X X Extracts X X X X X X X X Extracts X X X X ..... ahal District Co-operative Bank Limited and Dahod Urban Co-operative Bank Limited both are registered under Societies Act and the interest received from these Co-operative Banks are allowable under Section 80P(2)(d) of the Act as per decision of Surat Vankar Sahakari Sangh Limited[ 2016 (7) TMI 1217 - GUJARAT HIGH COURT] as observed that the provision of Section 80P(2)(d) of the Act does not make ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 19. 2. The Assessee has raised the following grounds of appeal :- 1. The Learned CIT (Appeals) erred in disregarding the submission made during the course of appellate proceedings and further erred in confirming the disallowance of deduction u/s.80P(2)(d) of the Act amounting to Rs.28,04,714/-. 2. The Learned CIT (Appeals) erred in disregarding the submission made during the course of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs.91,86,940/- The case was selected for limited scrutiny assessment on the issue of deduction from total income under Chapter VI-A. The assessee claimed deduction under Section 80P particularly that of interest from Co-operative Bank and income from cottage industries. Interest received from Co-operative Banks was disallowed to the extent of Rs.28,04,714/- which was claimed under Section 80P(2)(d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted (Tax Appeal No.473 of 2014, order dated 16.06.2014) as well as S. Jafari Momin, 662 ITR 331. 6. The Ld. DR relied upon the Assessment Order and the order of the CIT(A). 7. Heard both the parties and perused all the relevant material available on record. There is no dispute that Panchmahal District Co-operative Bank Limited and Dahod Urban Co-operative Bank Limited both are registered und ..... X X X X Extracts X X X X X X X X Extracts X X X X
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