Amore Commercial Premises Co-Op Society Ltd. Vs Central Processing Centre (ITAT Mumbai)
Hon’ble High Court of Karnataka in case of Pr. CIT & Anr.Vs. Totgar’s Co-operative Sale Society Ltd. (2017) 292 ITR 74 (Kar.) and Hon’ble Gujarat High Court in case of State Bank of India vs. CIT (2016) 389 ITR 578 (Guj.) had held that interest income earned by a co-operative society on its investment held with cooperative bank would be eligible for claim of deduction under section 80P(2)(d) of the Act.
9. So following the decision rendered by Hon’ble Karnataka High Court (supra) and Hon’ble Gujarat High Court (supra), we are of the considered view that assessee society who has earned an amount of Rs. Rs. 6,96,725/- from its investment of surplus fund with cooperative banks is entitled for deduction under section 80P(2)(d) of the Act. Resultantly, the Ld. CIT(A) has erred in upholding the denial of deduction by the AO to the assessee under section 80P(2)(d) of the Act.
FULL TEXT OF THE ORDER OF ITAT MUMBAI
1. Aforesaid inter connected Appeal bearing common question of law and facts are being disposed of by way of composite order to avoid reputation of discussion.
2. Appellant AMORE COMMERCIAL PREMISES CO-OP SOC.LTD. by filing aforesaid Appeals sought to set aside the impugned order dated 14.09.2022 passed by the National Faceless Appeal Centre (NFAC), herein-after referred to as CIT(A) on the ground inter alia that:
