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TMI Blog2023 (6) TMI 171X X X X Extracts X X X X X X X X Extracts X X X X ..... ks qualifies for exemption u/s 80P(2)(d) - direct the CPC to rectify the intimation and allow the exemption u/s 80P(2)(d) - Decided in favour of assessee. - ITA No. 429/PUN/2023 - - - Dated:- 31-5-2023 - Shri Inturi Rama Rao, Accountant Member For the Assessee : Shri Sarang Gudhate For the Revenue : Shri Ganesh Rath, JCIT ORDER PER INTURI RAMA RAO, AM: This is an appe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... wed the exemption u/s 80P of the Act, however, denied the threshold exemption limit of Rs.50,000/-. Being aggrieved by the Rectification order, an appeal was filed before the CIT(A), who vide impugned order while granting threshold exemption limit of Rs.50,000/-, enhanced the taxable income by holding that the interest income earned on fixed deposits with the Co-operative banks and interest on sav ..... 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 secti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion of this Tribunal (supra), I hold that the interest income earned on fixed deposits with other co-operative banks qualifies for exemption u/s 80P(2)(d) of the Act. Accordingly, I direct the CPC to rectify the intimation and allow the exemption u/s 80P(2)(d) of the Act. Thus, the grounds of appeal raised by the assessee are allowed. 7. In the result, the appeal filed by the assessee is allowe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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