SHRI GANESH URBAN COOPERATIVE CREDIT SOCIETY LIMITED,SAMBHAJINAGAR vs. ITO WARD 1(1), AURANGABAD
IN THE INCOME TAX APPELLATE TRIBUNAL
PUNE BENCHES “SMC”, PUNE
BEFORE DR.MANISH BORAD, ACCOUNTANT MEMBER
AND SHRI S.S. VISWANETHRA RAVI, JUDICIAL MEMBER
आयकर अपील सं. / ITA No.327/PUN/2025
Assessment Year : 2016-17
Shri Ganesh Urban Co-operative
Credit Society Limited,
Main Market, Sarafa Galli,
Sillod, Chhatrapati
Sambhajinagar – 431112
PAN : AAGAS6006D
Vs. ITO, Ward-1(1),
Chhatrapati
Sambhajinagar
Appellant
Respondent
आदेश / ORDER
PER S.S. VISWANETHRA RAVI, JM :
This appeal at the instance of assessee is directed against the order of the Ld. CIT(A)/National Faceless Appeal Centre,
Delhi dated 13.12.2024 which is arising out the order u/s.
143(3) of the Act for Assessment Year 2016-17 framed by ITO,
Ward-1(4), Aurangabad.
The sole grievance of the assessee is that the Ld. CIT(A) erred in denying the deduction u/s. 80P(2)(d)/80P(2)(a)(i) of the Act for the of Rs.48,01,504/- earned from investment made with Co-operative Banks.
Appellant by :
Shri Santosh Garud
Revenue by :
Shri Basavaraj Hiremath
Date of hearing
:
24.03.2025
Date of pronouncement
:
28.03.2025
2
3. At the outset, the Ld. Counsel for the assessee submitted that the case of the assessee is squarely covered by the decision of the Co-ordinate Bench of the Tribunal in the case of Shri
No. 196/PUN/2024 for AY 2017-18 vide order dated 21.06.2024
and held that the interest earned from the Co-operative Bank is eligible for deduction u/s. 80P(2)(d) of the Act.
On the other hand, the Ld. Departmental Representative failed to controvert the contentions made by the Ld. AR by placing any other binding precedents.
We have heard the rival contentions and perused the record placed before us. The assessee has been denied the benefit of deduction u/s. 80P(2)(d) of the Act for the interest income of Rs.48,01,504/- earned from investment with Co- operative Banks. The facts remain undisputed that the alleged sum is the interest income from deposits with Co-operative banks which are basically Co-operative Societies. The decision of the Co-ordinate Bench of the Tribunal in the case of Shri Ganesh Urban Cooperative Credit Society Limited (supra), it has been held that the interest earned from Co-operative Bank is eligible for deduction u/s 80P(2)(d) of the Act. Similar view has also been taken consistently by this Tribunal in plethora of the decisions including that of Samarth Nagari Sahkari Pat Sanstha Maryadit Vs. ITO in ITA No. 1414/PUN/2023 for AY 2020-21 vide order dated 03.05.2024. Respectfully, following the same and taking consistent view, we are inclined to hold in favour of the assessee and direct the Ld. Assessing Officer to allow the claim of deduction u/s. 80P(2)(d) of the Act for the alleged sum of interest income of Rs.48,01,504/- earned from investments with 3 Co-operative Banks. The finding of Ld. CIT(A) is reversed and the ground No. 1 raised by the assessee is allowed.
Ground No. 2 raised by the assessee being consequential in nature, needs no adjudication.
Ground No. 3 raised by the assessee is general in nature, hence, requires no adjudication.
In the result, the appeal of the assessee is allowed.
Order pronounced on this 28th day of March, 2025. (MANISH BORAD) (S.S. VISWANETHRA RAVI)
ACCOUNTANT MEMBER JUDICIAL MEMBER
पुणे / Pune; ददन ंक / Dated : 28th March, 2025. RK
आदेश की प्रतितलतप अग्रेतिि / Copy of the Order forwarded to :
1. अपील र्थी / The Appellant.
2. प्रत्यर्थी / The Respondent.
3. The Pr. CIT concerned.
4. तिभ गीय प्रतितनति, आयकर अपीलीय अतिकरण, “SMC” बेंच,
पुणे / DR, ITAT, “SMC” Bench, Pune.
ग र्ड फ़ इल / Guard File. आदेश नुस र / BY ORDER,
//// Senior Private Secretary
आयकर अपीलीय अतिकरण, पुणे / ITAT, Pune.