Case Law Details
Manila Sahayak Gruh Udyogsaha Vs ACIT (ITAT Ahmedabad)
There is no dispute that Panchmahal District Co-operative Bank Limited and Dahod Urban Co-operative Bank Limited both are registered under Societies Act and the interest received from these Co-operative Banks are allowable under Section 80P(2)(d) of the Act as per the decision of Hon’ble Gujarat High Court in the case of Surat Vankar Sahakari Sangh Limited (supra). The Hon’ble High Court observed that the provision of Section 80P(2)(d) of the Act does not make any distinction in regard to source of the investment because this Section envisages deduction in respect of any income derived by the co-operative society from any investment with a co-operative society. These Co-operative Banks are also registered Co-operative Societies and, therefore, the Assessing Officer as well as the CIT(A) was not right in disallowing the deduction under Section 80P(2)(d) of the Act. Appeal of the assessee is thus allowed.
FULL TEXT OF THE ORDER OF ITAT AHMEDABAD
This appeal is filed by the Assessee against order dated 22.11.2022 passed by the CIT(A), National Faceless Appeal Centre (NFAC), Delhi for the Assessment Year 2018-19.
2. The Assessee has raised the following grounds of appeal :-
Please become a Premium member. If you are already a Premium member, login here to access the full content.
