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TMI Blog2024 (4) TMI 1171X X X X Extracts X X X X X X X X Extracts X X X X ..... and does not fall under the definition of co-operative society - HELD THAT:- The assessee submitted paper books and placed reliance on various decisions of the ITAT, Mumbai on this issue and also placed specific reliance on the decision of Blue Rose Industrial Premises Cooperative Society [ 2024 (7) TMI 1082 - ITAT MUMBAI] for the assessment year 2020- 21 in which one of the Members of this bench ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... S/250/2023-24/1055925705(1) dated 11/9/2023 for the assessment year 2016-17. 2. Though, several grounds of appeal have been raised by the appellant, the main issue involved in this case is that the claim for deduction of Rs.1,19,91,314/- was wrongly disallowed by the assessing officer on the ground that the interest income earned on the deposits made with the Citizen Credit Co-Operative Bank is no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ] taxmann.com 140/395 ITR 611, wherein it was held that interest earned by the assessee, a co-operative Society from surplus deposits kept with a co-operative Bank, was not eligible for deduction under section 80P(2)(d) of the Act. We find that in an earlier decision the Hon ble Karnataka High Court in Pr. CIT v. Totagars Co-operative Sale Society (2017) 78 taxmann.com 169/392 ITR 74 held that acc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Ltd [1973] 88 ITR 192. In the aforesaid decision, the Hon'ble Supreme Court has laid down a principle that if two reasonable constructions of a taxing provisions are possible, that construction which favours the assessee must be adopted . 14. Therefore, in view of the above, we uphold the plea of the assessee and direct the AO to grant the deduction under section 80P(2)(d) of the Act to the as ..... X X X X Extracts X X X X X X X X Extracts X X X X
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