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TMI Blog2024 (10) TMI 640X X X X Extracts X X X X X X X X Extracts X X X X ..... dend earned from Surat District Co-Operative Bank of Rs. 3.02 crores and figure so arrived dividend and interest from co- operative bank which includes interest from G.G.C.L., GEB and interest on savings accounts aggregate. NFAC/Ld.CIT(A) confirmed the action of AO. Before us assessee submits that he has confined its claim to the extent of interest income of Rs. 3,00,21,194/- which is interest income from Surat District Co-Operative Bank. We find that in a series of decisions of various Tribunals as well High Courts held that co-operative banks are primarily as co-operative society As in the case of Surat Vankar Sahakari Sangh Ltd. [ 2016 (7) TMI 1217 - GUJARAT HIGH COURT] wherein also held that co-operative societies are eligible for deduc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the order passed by ITO, NeAC, Delhi (for the sake of brevity The AO ) u/s 143(3) of the Act for the income assessed at Rs. 2,82,56,901/- against the returned income at Rs. Nil denying the deductions claimed under Chapter VIA of the Act for the aggregate amount of Rs. 6,12,18,004/- (subject to the availability of Gross Total Income), purely on misinterpretation and misconstruction of the provisions of law, misleading, misconceptual, arbitrary and perverse observations and hence, is liable to be quashed or annulled in toto. 2. On the facts and the circumstances of the case and as well in law, both the lower authorities have grievously failed to see and appreciate that the appellant society s claim of deduction u/s 80P(2)(d) of the Act had be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... right, lawful and proper perspectives, the documentary evidences available in the assessment and/or appeal records and the detailed explanations substantiated by the documentary, authentic and cogent evidences submitted during the course of assessment and/or appeal proceedings, while arbitrarily and subjectively relied upon the Toptagar s case contrary to the facts and circumstances of the case but ignoring the judicial pronouncements of the jurisdictional High Court/Tribunals on the same issue of claim of deduction u/s 80P(2)(d) of the Act and therefore, the AO s order denying the claim of deduction u/s 80P(2)(d) of the Act, being patently in violation of Rule of Consistency is bad in law, without jurisdiction, illegal, arbitrary, and thus ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... m other sources. The assessing officer also relied on decision of Karnataka High Court in Totagar Co-operative sales Society Vs PCIT (2017) 83 taxmann.com 140(Knt). The NFAC/Ld.CIT(A) also confirmed the finding of Assessing Officer. Ld.AR of the assessee submits that ground of appeal raised by the assessee is squarely covered by series of decisions including latest judgment of Hon ble Apex Court in the case of PCIT vs. Annasaheb Patil Mathadi Kamgar Sahakari Pathpedi Ltd. [2023] 150 taxmann.com 173 (SC)/[2023] 293 Taxman 547 (SC)/[2023] 454 ITR 117 (SC) (SUPP.)[20-04-2023], wherein it was held that a co- operative credit society could not be termed as bank / co-operative bank and is a credit society and was entitled for exemption under sect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2,61,008/-. The NFAC/Ld.CIT(A) confirmed the action of Assessing Officer. Before us Ld. AR of the assessee submits that he has confined its claim to the extent of interest income of Rs. 3,00,21,194/- which is interest income from Surat District Co-Operative Bank. We find that in a series of decisions of various Tribunals as well High Courts held that co-operative banks are primarily as co-operative society. We find that Hon ble jurisdictional High Court in the case of Surat Vankar Sahakari Sangh Ltd. (supra), wherein also held that co-operative societies are eligible for deduction under section 80P(2)(d) in respect of gross interest received from co-operative bank without adjusting interest paid to the said bank. This combination in a serie ..... X X X X Extracts X X X X X X X X Extracts X X X X
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