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TMI Blog2024 (8) TMI 1427X X X X Extracts X X X X X X X X Extracts X X X X ..... PRASHANT MAHARISHI, AM: 1. These are the two appeals filed by the assessee for assessment year 2020 - 21 and 2021 - 22 against the order passed by the additional CIT (joint Commissioner of income tax (appeals) - 1, Lucknow (the learned CIT - A) dated 14/3/2024 for assessment year 2020 - 21 and dated 28/3/2024 for assessment year 2021 - 22 wherein the appeal filed by the assessee against the intim ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... operative bank. For assessment year 2020 - 21 such interest income is Rs. 174,100/- and for assessment year 2021 - 22 it is Rs. 130,752. When the assessee filed return of income, such deduction was claimed under section 80P(2)(d) of the act. When the return was processed under section 143(1) of the act, such deduction was denied for both the assessment years. Identically appeal was filed before th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h and subject to the provisions of this section, the sums specified in sub-section (2), in computing the total income of the assessee. 6. According to the provisions of section 80P(2)(d) in respect of any income by way of interest or dividends derived by the co-operative society from its investments with any other co-operative society, the whole of such income. 7. According to section 2(29) "co- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t income earned by the assessee on account of fixed deposit receipt is in savings bank account is not received from a co-operative society. It may be an altogether another thing that such cooperative societies are carrying on the banking business. Therefore, these banks are accepting fixed deposit receipts from the assessee. In view of the above analysis, it is clear-cut that cooperative banks are ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eties. 13. In view of the above facts the learned assessing officer is directed to grant deduction to the assessee under section 80P(2)(d) of the act on interest on fixed deposit receipt and savings bank account received by the assessee from the cooperative banks for both the years. 14. Thus, the orders of the learned lower authorities are reversed and appeal of the assessee for both the years a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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