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TMI Blog2023 (5) TMI 698X X X X Extracts X X X X X X X X Extracts X X X X ..... ent with a Co-operative Society. The Ahmedabad District Co-operative Bank is also a registered Co-operative Society and, therefore, the assessee is eligible for claiming deduction under Section 80P(2)(d) of the Act. DR has not pointed out any distinguishing facts from the decision of Hon ble Gujarat High Court and that of assessee s case. Therefore, the appeal of the assessee is allowed. - ITA No.130/Ahd/2023 - - - Dated:- 10-5-2023 - Ms. Suchitra Kamble, Judicial Member For the Assessee : Shri P.F. Jain, AR For the Revenue : Shri V.K. Mangla, Sr. DR ORDER This appeal is filed by the Assessee against order dated 24.02.2023 passed by the CIT(A), National Faceless Appeal Centre (NFAC), Delhi for the Assessment Year 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bers and supplying it to the member union i.e. The Ahmedabad District Co operative Milk Producers Union Limited. The assessee filed its return of income for A.Y. 2017-18 on 16.11.2017 declaring total income at Rs.Nil thereby claiming deduction under Section 80P of the Income Tax Act, 1961 amounting to Rs.16,90,725/-. The Assessing Officer observed that the assessee received interest income from FDR with Ahmedabad District Co-operative Bank amounting to Rs.3,01,911/-. After taking cognisance of the reply of the assessee, the Assessing Officer made disallowance of Rs.3,01,911/- as claimed deduction under Section 80P(2)(d) of the Act by the assessee. 4. Being aggrieved by the Assessment Order, the assessee filed appeal before the CIT(A). Th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e on record. It is undisputed fact that the Ahmedabad District Co-operative Bank is registered under Societies Registration Act of Gujarat. The Hon ble Gujarat High Court in case of Surat Vankar Sahkari Sangh Limited (supra) categorically mentioned provision of Section 80P(2)(d) of the Act does not make any distinction in regard to source of the investment because this Section envisages deduction in respect of any income derived by the co-operative society from any investment with a Co-operative Society. The Ahmedabad District Co-operative Bank is also a registered Co-operative Society and, therefore, the assessee is eligible for claiming deduction under Section 80P(2)(d) of the Act. The Ld. DR has not pointed out any distinguishing facts f ..... X X X X Extracts X X X X X X X X Extracts X X X X
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