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TMI Blog2025 (1) TMI 102X X X X Extracts X X X X X X X X Extracts X X X X ..... produced hereunder:- "1. Whether on the facts and in circumstances of the case and in law, the Ld. CIT(A) is erred in deleting the addition made of Rs. 4,34,49,404/-by the AO, on account of disallowance of claimed made by the applicant u/s 80(P)(2)(a) (i) and 80P(2)(d) of the Income-Tax Act, 1961 ?" 2. Whether on the facts and in circumstances of the case and in law, the Ld. CIT(A) is erred in deleting the addition made of Rs. 4,34,49,404/- by the AO, by ignoring the order of the AO, wherein it was stated that Co-operative bank is an urban commercial bank and does not fall under the purview of a "Co- operative Society' as referred in section 80P(2)(d) of the Income Tax Act, 1961 and further the AO has mentioned that Appellant(Societ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , the Ld. CIT(A) is erred in deleting the addition made of Rs. 4,34,49,404/- by the AO, without appreciating the decision of Hon'ble Apex Court in the case of The Mavilayi Service Co-op Bank Ltd & Others Vs. CIT. Civil Appeals Nos. 7343-7350 of 2019 dt. 12-01-2021, wherein it was held that interest earned from investments made in any bank, not being a co-operative society, is not deductible under section 80P(2)(d) of the Act?" 6. Whether on the facts and in circumstances of the case and in law, the Ld. CIT(A) is erred in deleting the addition made of Rs. 4,34,49,404/-by the AO, even if Hon'ble Supreme Court as well as Hon'ble Karnataka High Court in the case of Totagar Cooperative sale society (2010) 322 ITR 283(SC) and (2017) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Perused record. 5. The issue in our view is no longer res integra. The authorities below have concurrently found that the provisions of Section 80P(2)(d) of the Act envisage allowable deduction only against the interest earned by co-operative society on account of deposit made with any other co-operative society. The CIT(A) has also found that the intention of the legislature to exclude the co- operative banks or commercial banks is with a view to ensure that credit facility is available to the co-operative societies (para 8.1 of the order), which are supposed to provide "credit facility to their Members for agricultural purposes and to create agro-based activities". 6. The learned AR has placed reliance on the decision of Hon'ble ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion makes it clear that in the event if any Co-operative Society derived income by way of interest from investment made in any other Co-operative Society the whole such interest is eligible for deduction. Now the issue is as to whether the Co-operative Bank would fall within the purview of the term 'Co-operative Society'. In the present case, the petitioner produced a document to show that the Co-operative Bank, where they have made investments was registered under the Tamil Nadu Co operative Societies Act, 1983 on 20-5-2003. In this regard, he also produced a copy of the Certificate of Incorporation of the said Co-operative Bank Therefore, it is clear that the investment made by the petitioner is a Co- operative Bank registered und ..... X X X X Extracts X X X X X X X X Extracts X X X X
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