9911796707
TMI Blog2024 (10) TMI 305X X X X Extracts X X X X X X X X Extracts X X X X ..... of the ld. CIT(A) that the assessee had not made any claim is factually incorrect. AR brought our attention where in the return of income, the said claim has been made by the assessee. With regard to whether the assessee is eligible to claim deduction u/s. 80P(2)(d) of the Act towards the interest received from the Co-operative Bank, it is the settled proposition of law where the Hon'ble Apex Court in The Mavilayi Service Co-op. Bank Ltd. [ 2021 (1) TMI 488 - SUPREME COURT] has given a categorical finding as to the eligibility of the Co-operative Banks which are akin to that of the Co-operative Society unless the said co-operative bank holds a license issued by the RBI and whether its activities are as that of commercial banks. We do n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... urn of income and consequentially failed to appreciate that the adjustment to the returned income in respect of disputable issue falls outside the purview and scope of provisions of section 143(1) and thereby erred in confirming the addition of Rs. 1,07,71,178/- in course of processing of return of income in respect of this deduction Rs. 56,03,430/- 2. Without prejudice to the first ground, on the facts and circumstances of the case and in law, the learned CIT(A) failed to appreciate that the deduction claim of the society pertaining to receipt of interest on deposits held with cooperative bank is fully and squarely covered by provision of section 80P(2)(d) which is evident from the appeal order of honorable Tribunal for A.Y. 2011-12 in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . The learned Authorised Representative ('ld. AR' for short) for the assessee contended that the assessee s case has been covered by the Tribunal s order in the case of MIG Co-operative Housing Society and MIG Co-operative Housing Society Group-II Ltd. vs. ITO (in ITA No.896/Mum/2016 vide order dated 11.02.2017) on the issue of section 80P(2)(d) of the Act and also in the assessee s case for A.Ys. 2011-12, 2015-16 and 2017-18. The ld. AR relied on various decisions of the Hon'ble Apex Court and the co-ordinate benches. 8. The learned Departmental Representative (ld. DR for short) for the Revenue, on the other hand, relied on the order of Tribunal in the case of ITO vs. M/s. Brahmavara Vyavasaya Seva (in ITA Nos. 656, 667, 668/Ba ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee has not made claim under Chapter VIA in its return of income and had relied on the decision of Hon'ble Apex Court in the case of Goetze India Ltd. [2006] 284 ITR 323 (SC), wherein it was held that the ld. A.O. is not entitled to accept the claim for deduction which was not claimed at the time of filing of the return otherwise than by filing revised return of income. The ld. CIT(A) has also denied the claim of the assessee on the merits stating that the interest received from Co-operative Banks are not eligible for claiming deduction, as the same would not fall under a cooperative society. The ld. CIT(A) had relied on the decision of the Hon'ble Apex Court in the case of The Mavilayi Service Co-op. Bank Ltd. vs. CIT, Calicut ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ore, direct the ld. A.O. to grant the deduction claimed by the assessee u/s. 80P(2)(d) of the Act in the light of the decision of the Hon'ble Apex Court in the case of The Mavilayi Service Co-op. Bank Ltd. vs. CIT, Calicut (supra). Hence, we allow ground no. 2 raised by the assessee. 11. Ground no.3 is on failure to grant credit for self assessment tax amounting to Rs. 7,32,257/-. The ld. A.O. is directed to grant credit of the same to the assessee subject to verification and in accordance with law. As we have decided the issue on the merits of the appeal, ground no.1 raised by the assessee requires no separate adjudication and is, therefore, rendered academic. 12. In the result, the appeal filed by the assessee is partly allowed. Order ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
