AGRICULTURE COLLEAGE FARM CO-OPERATIVE CREDIT SOCIETY LTD,PUNE vs. ITO WARD-2(1), PUNE
आयकर अपीलीय अधिकरण
" एस एम सी "न्यायपीठ पुणे में ।
IN THE INCOME TAX APPELLATE TRIBUNAL "SMC" BENCH,
PUNE
BEFORE Dr. MANISH BORAD, ACCOUNTANT MEMBER
AND SHRI VINAY BHAMORE, JUDICIAL MEMBER
आयकर अपील सं / ITA No.1697/PUN/2025
धििाारण वर्ा / Assessment Year: 2018-2019
Agricultural College Farm
Co-operative Credit
Society Ltd, Agricultural
College Pune, Shivaji
Nagar, Pune-411005
Maharashtra
PAN-AADAA3783A
Vs ITO Ward-2(1),
Pune
Appellant
Respondent
Assessee by : Shri C.V. Deshpande
Pritesh Raka
Revenue by : Shri Harshit Bari, Addl.
CIT
Date of hearing
: 21.08.2025
Date of pronouncement
: 01.09.2025
आदेश/ORDER
PER DR. MANISH BORAD, ACCOUNTANT MEMBER :- This appeal at the instance of the assessee is directed against the order passed by Ld. CIT(A) NFAC, Delhi dated 22.05.2025 u/s 250 of the Income Tax Act, 1961 and is arising out of assessment order passed u/s 143(3) dated 23.02.2021. 2. The only issue for our consideration is regarding the disallowance of deduction of Rs. 10,89,512/- u/s 80P(2)(d) of the Act.
2
3. At the outset Ld. Counsel for the assessee placing reliance on the decision of this Tribunal in the case of M/s
Maharashtra JPAHPECCS Pvt. Ltd. in ITA 1021/PUN/2025
dated
16.06.2025
submitted that this Tribunal is consistently holding that interest and dividend received from co-operative Banks is eligible for deduction u/s 80P(2)(d).
Ld. Departmental Representative (DR) supported the order of the Ld. CIT(A). 5. We have heard rival contentions and perused the record placed before us. In the assessment proceedings of assessee which is a co-operative society for A.Y. 2018-19 completed on 23.02.2021, Ld. AO has disallowed the deduction u/s 80P(2)(d) of the Act at Rs. 10,89,512/- claimed by the assessee towards income from Co-operative Banks. The account of the Assessing Officer (AO) has been affirmed by Ld. CIT(A). We however find that the instant issue is no longer “res integra” by virtue of catena of decisions taking consistent view that interest income erred from deposits with Co-operative Banks is eligible for deduction u/s 80P(2)(d) of the Act. Recently this Tribunal in the case of M/s Maharashtra JPAHPECCS Limited (Supra) dealing with the similar issue has allowed the deduction u/s 80P(2)(d) of the Act observing as follows:- 4. We have heard the rival contentions and perused the record placed before us. It is an admitted fact that impugned addition is regarding denial of deduction u/s.80P(2)(d) of the Act for the interest income earned from Cooperative Bank namely PDCC at Rs.17,51,124/-. Lower authorities have denied the deduction as PDCC is not a Cooperative Society. Before us, assessee has furnished paper book and referring to page 12 of the paper book our attention has been drawn to Certificate of Registration as per which