Section 80P(2)(d) deduction eligible to co-op society on interest from investments with co-op banks

Mullanpur Garibdas Co-operative Multipurpose Society Vs PCIT-II (ITAT Chandigarh)

ITAT held that assessee society, being a cooperative society, is entitled to the exemption claimed under section 80P(2)(d) of the Income Tax Act, in respect of income by way of interest derived by it from its investments with the cooperative banks.

FULL TEXT OF THE ORDER OF ITAT CHANDIGARH

This is assessee⁴s appeal for the assessment year 20 12-13 against the order dated 28.2.20 17, passed by the learned PCIT-2, Chandigarh, under section 263 of the Income Tax Act. The following Grounds have been raised:

“1. That the learned Principle Commissioner of Income Tax has heard in law in issuing notice and thereafter passing the order under section 263 only on the basis of an audit objection which is not permissible and as such the order passed is illegal, arbitrary and unjustified, which merits annulment.

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