9911796707
TMI Blog2024 (2) TMI 1407X X X X Extracts X X X X X X X X Extracts X X X X ..... cooperative banks are primarily the cooperative society and the interest earned on deposit with cooperative banks are eligible for deduction u/s 80P(2)(d) of the Act. Similar view was taken in Bardoli Vibhag Gram Vikas Co-op Credit Society Ltd. [ 2021 (5) TMI 446 - ITAT SURAT ] Taking a consistent view, the AO is directed to delete the entire disallowance - Appeal of assessee is allowed. - Shri Pawan Singh, Judicial Member And Dr. Arjun Lal Saini, Accountant Member For the Assessee : Shri Devendra Joshi from the office of Shri Devesh D Sopariwala, C.A. For the Department : Shri Vinod Kumar, Sr. DR. ORDER PER: PAWAN SINGH, JUDICIAL MEMBER: 1. This appeal by the assessee is directed against the order of the National Faceless Appeal Centre, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... come earned on fixed deposit and Rs. 15 as a dividend income with Surat District Cooperative Bank. The Central Processing Centre (CPC) while processing the return of income, disallowed such deduction. The assessee filed application under Section 154 of the Income Tax Act, 1961 (in short, the Act) for seeking rectification in the order of CPC. Application of assessee was rejected by CPC vide order dated 04/01/2022. 3. Aggrieved by the disallowance/adjustment on account of deduction under Section 80P(2)(d) of the Act of Rs. 1,21,000/-, the assessee filed appeal before the ld. CIT(A). Before the ld. CIT(A), the assessee has given complete bifurcation of interest earned on deposit with Surat District Cooperative Bank. The assessee also relied o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uthorities and would submit that the assessee may be directed to give details of interest income earned from Surat District Cooperative Bank. The notice of hearing of appeal was served upon the assessee and the assessee filed application for filing compilation/documents. 7. We have considered the submissions of ld. Sr. DR for the revenue and perused the orders of the lower authorities carefully. The dispute relates to deduction under Section 80P(2)(d) of the Act with regard to interest earned on fixed deposit with Surat District Cooperative Bank. We find that the ld. CIT (A) has not disputed about earning of such interest income from Surat District Cooperative Bank even otherwise the assessee has given complete month-wise bifurcation on int ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
