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TMI Blog2024 (6) TMI 1366X X X X Extracts X X X X X X X X Extracts X X X X ..... of such income is deductible under this section. It is not in dispute that assessee is not a cooperative bank and therefore provisions of section 80P(4) of the act does not apply to it. Thus the assessee is eligible for deduction under section 80P(2)(D) of the act on its income received from all the above cooperative banks. Hence assessee is eligible for that deduction - Appeal of assessee allowed. - Prashant Maharishi, AM For the Assessee : Shri Devendra Jain For the Revenue : Shri. R. R. Makhwana ORDER PER PRASHANT MAHARISHI, AM: 01. This appeal is filed by B2345 Vikas complex cooperative housing society Ltd (assessee/appellant) against the appellate order passed by the additional Commissioner of income tax (appeals) 1, Jaipur (the lear ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at assessee has filed a rectification application under section 154 of the act and the rectification order could only be seen by logging on the income tax portal on 20/2/2023 and therefore immediately appeal was filed and the delay may be condoned. The learned CIT A did not condoned the delay and dismissed the appeal of the assessee is not maintainable. 05. Assessee aggrieved with the same is in appeal before us. The learned authorized representative submitted that assessee is eligible for deduction under section 80P(2)(D) of the act on interest income on by assessee from other cooperative banks amounting to ₹ 604,396/- . He further submitted that the learned CIT A has not condoned the delay which was explained to him was on account o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 08. On the merits of the case, the fact clearly shows that the assessee cooperative society has filed its return of income within due date. On interest income on from another cooperative bank, it has claimed deduction under section 80P(2)(D) of the act. While processing the return of income under section 143(1)(a) the central processing Centre Bangalore disallowed the above claim. 09. As per provisions of section 143(1)(a) permits following adjustment to the total income of the assessee:- 143. 67 [(1) Where a return has been made under section 139, or in response to a notice under sub-section (1) of section 142, such return shall be processed in the following manner, namely: (a) the total income or loss shall be computed after making the fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... her item in such return; (ii) in respect of which the information required to be furnished under this Act to substantiate such entry has not been so furnished; or (iii) in respect of a deduction, where such deduction exceeds specified statutory limit which may have been expressed as monetary amount or percentage or ratio or fraction; 012. It is not the case that deduction under section 80P(2)(D) is a deduction provided by any monitoring limit or percentage ratio or fraction. Thus, claim of deduction under section 80P(2)(D) is also not classified as incorrect claim. 013. Thus, the adjustment of disallowance of deduction under that section is not permissible adjustment provided under section 143(1) of the act. Therefore the intimation passed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... om its investments with any other co-operative society, the whole of such income; 019. Thus, the assessee s investment of earning interest income from such cooperative banks which are also cooperative societies whole of such income is deductible under this section. 020. It is not in dispute that assessee is not a cooperative bank and therefore provisions of section 80P(4) of the act does not apply to it. 021. Thus the assessee is eligible for deduction under section 80P(2)(D) of the act on its income received from all the above cooperative banks. Hence assessee is eligible for that deduction amounting to Rs. 604396/-. 022. In the result, solitary ground in the appeal as well as the appeal is allowed. Order pronounced in the open court on 27 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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