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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 ..... ltural and Rural Development Bank under Chapter XI. The cooperative banks are also the cooperative societies which are doing the banking business. In view of this it cannot be said that the interest 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 also co-operative society and interest income earned by the assessee on fixed deposit as well as savings bank account is an investment income of the ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h has been denied deduction under section 80P(2)(d) of the income tax act on interest income received by it from another cooperative banks who are in turn the cooperative societies. For assessment year 2020 - 21 such interest income is Rs. 174,100 and for assessment year 2021 - 22 is Rs. 130,752. 3. Assessee is a cooperative was in society wherein it has earned interest on fixed deposits on saving banks with citizen credit cooperative bank, Maharashtra state cooperative bank and Mumbai District cooperative 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... law for the time being in force in any State for the registration of co-operative societies. 8. According to section 2(10) of the Maharashtra State cooperative societies act 1860 provides "Co-operative bank" means a Co-operative society which is doing the business of banking as defined in clause (b) of sub-sections (1) of section 5 of the Banking Companies Act, 1949 and includes any society which is functioning or is to function as an Agricultural and Rural Development Bank under Chapter XI; 9. Therefore, even the cooperative banks are also the cooperative societies which are doing the banking business. In view of this it cannot be said that the interest income earned by the assessee on account of fixed deposit receipt is in savings bank ..... X X X X Extracts X X X X X X X X Extracts X X X X
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