2023 (6) TMI 95

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..... cultural 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 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) defining co-operative society to mea .....

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..... elhi u/s.250 of the Income-tax Act, 1961 (hereinafter also called the Act ) in relation to the assessment year 2018-19. 2. The only issue raised in this appeal is against the denial of deduction u/s.80P of the Income-tax Act, 1961 (hereinafter also called the Act ) on interest income earned from various cooperative banks amounting to Rs.22,52,021/-. 3. Tersely, the facts of the case are th .....

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..... issue is no more res integra in 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 deducti .....

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