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Tribunal sent back the matter to the AO to verify eligibility of Section 80P(2)(d) deduction based on Supreme Court guidelines regarding RBI licence status of the co-operative bank.
ITAT Bangalore held that a Souhadra Sahakari registered under the Karnataka Souhadra Sahakari Act qualifies as a co-operative society under Section 2(19). Deduction under Section 80P(2)(a)(i) was allowed, and related additions were deleted.
The Tribunal ruled that timely filing is mandatory for Chapter VI-A deductions and belated returns cannot claim Section 80P benefits. It followed binding High Court precedent and dismissed the appeal.
ITAT Chennai held that once delay in filing return is condoned under section 119(2)(b), CPCs denial of deduction under section 80P collapses and relief must be granted.
The tribunal held that interest earned from deposits with co-operative banks qualifies for deduction under Section 80P(2)(d). Such banks are treated as co-operative societies, making the interest fully deductible.
The tribunal held that interest earned on savings bank deposits is attributable to the business of providing credit to members. Such incidental bank interest qualifies for full deduction under Section 80P(2)(a)(i).
The case confirms that co-operative societies can claim Section 80P(2)(d) deduction on interest earned from co-operative banks. The appeal was allowed due to clear judicial precedent supporting the claim.
The tribunal held that revision under Section 263 is invalid where the Assessing Officer has examined the issue and adopted a plausible legal view. The PCIT cannot substitute his opinion merely because another interpretation is possible.
The disallowance of interest income was set aside as co-operative banks fall within the definition of co-operative societies. The ruling confirms full deductibility of such interest under Section 80P(2)(d).
The Tribunal held that interest earned by a co-operative society from investments with co-operative banks falls within Section 80P(2)(d). Such income is deductible, subject to verification of the source and bifurcation.
