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TMI Blog2025 (2) TMI 165X X X X Extracts X X X X X X X X Extracts X X X X ..... ing such an appeal. In view of the established judicial precedents and statutory provisions, we set aside the impugned appeal order and the addition is deleted. Appeal filed by the assessee is allowed. X X X X Extracts X X X X X X X X Extracts X X X X ..... rned by the appellant (A Co-operative Housing Society) from its investments held with Co-operative Banks. 5. Without prejudice to the above The learned Commissioner of Income Tax (Appeals) out to have allowed the claim of the Appellant (a Nonprofit making Housing Society) on the basis of facts & Judicial pronouncements supporting the claim of deduction under Section 80P (2)(d) of the Income Tax Act, 1961 on the interest income derived by a Co-operative Housing Society from its investments held with Co operative Banks. Appellant craves leave to add, alter or amend the above grounds of appeal." 3. The matter brought before the Bench pertains to the deduction claimed under Section 80P of the Act, concerning interest income of Rs. 3,20,990 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... appealable, and the assessee has the right to challenge such an order before the Ld. CIT(A). The Ld. CIT(A) is bound to pass an order under Section 250 regarding any rectification order under Section 154. 5. Regarding the merits of the case, the interest income claimed under section 80P(2)(d) was derived from investments made in cooperative banks. The issue has already been addressed in multiple judicial pronouncements, including: ITAT Mumbai Bench-G in M/s Solitaire CHS Ltd. vs. Pr. CIT-26, Mumbai, ITA No. 3155/Mum/2019, dated 29.11.2019, where the Tribunal held: "However, at the same time, we are unable to subscribe to his view that the aforesaid amendment would jeopardies the claim of deduction of a co-operative society under Sec. 80 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... co-operative society would be entitled for claim of deduction under Sec. 80P(2)(d) on the interest income derived from its investments held with a cooperative bank is covered in favour of the assessee in the following cases: (i) Land and Cooperative Housing Society Ltd. Vs. ITO (2017) 46 CCH 42 (Mum) (ii) M/s C. Green Cooperative Housing and Society Ltd. Vs. ITO21(3)(2), Mumbai (ITA No. 1343/Mum/2017, dated 31.03.2017 (iii) Marvwanjee Cama Park Cooperative Housing Society Ltd. Vs. ITORange-20(2)(2). Mumbai (ITA No. 6139/Mum/2014, dated 27.09.2017. (iv). Kaliandas Udyog Bhavan Premises Co-op. Society Ltd. Vs. ITO, 21(2)(1), Mumbai. We further find that the Hon'ble High Court of Karnataka in the case of Pr. Commissioner of Income Tax and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uthorities. But unable to rebut the argument of the ld. AR by filing any contrary judgment. 7. We heard the rival submission and perused the documents available in records. The interest income received by the assessee from cooperative banks has not been disputed by the revenue. The appeal was rejected solely on legal grounds. The Ld. CIT(A) erred in dismissing the appeal, holding that an order under section 154 is not appealable, despite the clear provision under section 246A(c) of the Act allowing such an appeal. In view of the established judicial precedents and statutory provisions, we set aside the impugned appeal order and the addition of Rs. 3,20,990/- is deleted. 8. In the result, appeal filed by the assessee is allowed. ITA No.56 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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