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TMI Blog2024 (4) TMI 1169X X X X Extracts X X X X X X X X Extracts X X X X ..... ther businesses or a Co-operative bank - Assessee appeal allowed. - JUSTICE (RETD.) C.V. BHADANG, PRESIDENT AND SHRI B.R. BASKARAN, ACCOUNTANT MEMBER For the Appellant : None For the Respondent : Shri Manoj Kumar Singh ORDER PER JUSTICE (RETD.) C.V. BHADANG, PRESIDENT : The assessee has filed this appeal challenging the order dated 31.08.2023 passed by the Commissioner of Income Tax (Appeals), NFAC, Delhi ( CIT(A) for short) and it relates to assessment year 2017-18. The appellantsociety is aggrieved by the confirmation by CIT(A) of the disallowance made by the Assessing Officer ( AO' for short) under Section 80P(2)(d) of the Income Tax Act, 1961 ( Act for short) in respect of the interest income earned from deposits kept with co-oper ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ;ble Madras High Court in Thorapadi Urban Co-op. Credit Society Ltd. vs ITO, [2023] 156 taxmann.com 419 (Madras) and the decision of this Tribunal in ITA No. 455/Mum/2023 dated 21.04.2023 (Kalpataru Estate Building No. 2 Cooperative Housing Society Ltd.) and ITA Nos. 2955 to 2958/Mum/2023 dated 06.11.2023 (Kinjal Heaven). 7. The learned CIT-DR has supported the impugned order on the ground that Section 80P(2)(d) of the Act cannot take into its ambit the interest income on deposits kept with co-operative banks/commercial banks. 8. We have considered the submissions made. As noticed earlier, the issue stands concluded by the decisions of this Tribunal as referred to above. Even the Hon ble Madras High Court in the case of Thorapadi Urban Co-o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r the Co-operative Societies Act. The Income Tax Act, 1961 has also defined 'Co-operative Society' under section 2(19) as follows: '2(19). Co-operative society means a co-operative society registered under the Co- operative Societies Act, 1912 (2 of 1912 ), or under any other law for the time being in force in any State for the registration of co- operative societies.' 10. A reading of the above definition would make it clear that 'Co-operative Society' means a Co-operative Society registered under Co-operative Societies Act, 1912. Thus, a Co-operative Society referred therein is only a cooperative society as defined under the Act, be it a Co-operative Society carrying on banking business or Co-operative Society carr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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