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TMI Blog2024 (8) TMI 360X X X X Extracts X X X X X X X X Extracts X X X X ..... and section 80P(2)(d) of the Act. Thus, the grounds of appeal filed by the assessee stand allowed. - Shri Inturi Rama Rao, Accountant Member And Ms. Astha Chandra, Judicial Member For the Assessee : Shri Naimish Dixik For the Revenue : Shri Sourabh Nayak ORDER PER INTURI RAMA RAO, AM: This is an appeal filed by the assessee directed against the order of the National Faceless Appeal Centre, Delhi [ NFAC ] dated 20.03.2024 for the assessment year 2020-21. 2. Briefly, the facts of the case are that the appellant is a Cooperative society registered under the Maharashtra Cooperative Society Act, 1960. It is engaged in providing credit facilities to its members. The Return of Income for the assessment year 2020-21 was filed on 26.01.2021 decla ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ciety submits that the issue is decided in favour of the assessee by placing reliance on the several decisions passed by the Co-ordinate Benches of this Tribunal. A copy of order in ITA Nos.726 to 728/PUN/2024 order dated 30.05.2024 is placed on record. 6. On the other hand, ld. Sr. DR placing reliance on the orders of the lower authorities submits that no interference by this Tribunal is called for. 7. We heard the rival submissions and perused the material on record. The issue in the present appeal relates to the eligibility of the assessee for exemption u/s 80P(2)(a)(i) of the Act in respect of interest income earned from cooperative banks. 8. As regards, the issue as to the allowability of exemption under the provisions of section 80P(2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iety and, therefore, eligible for exemption u/s 80P(2)(a)(i) of the Act. Similar view has been taken by the Hon ble Calcutta High Court in the case of PCIT vs. Gunja Samabay Krishi Unnayan Samity Ltd., 147 taxmann.com 518 (Calcutta) and the Hon ble Madras High Court in the case of Chennai Central Cooperative Bank Ltd. vs. ITO, 148 taxmann.com 17 (Madras). The Coordinate Bench of Pune Benches in the case of M/s. Ratnatray Gramin Bigar Sheti Sah. Pat Sanstha Maryadit Vs. ITO (ITA Nos.559/560/PUN/2018, dated 11-12-2018) taken view in favour of the assessee following the judgment of Hon ble Karnataka High Court in the case of Tumkur Merchants Souharda Credit Cooperative Ltd. (supra). Following the decision of the Coordinate Bench of the Tribuna ..... X X X X Extracts X X X X X X X X Extracts X X X X
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