SHRI SAIKRUPA NAGARI SAHAKARI PATSANSTHA MARYADIT KOLHAPUR,KOLHAPUR vs. CIRCLE 1, KOLHAPUR, KOLHAPUR

IN THE INCOME TAX APPELLATE TRIBUNAL
PUNE BENCH “SMC”, PUNE

BEFORE SHRI MANISH BORAD, ACCOUNTANT MEMBER
AND SHRI S. S. VISWANETHRA RAVI, JUDICIAL MEMBER

आयकर अपील सं. / ITA No.65/PUN/2025
िनधाᭅरण वषᭅ / Assessment Year : 2020-21

Shri
Saikrupa
Nagari
Sahakari
Patsanstha
Maryadit,
720, Office Shop No.4, Near
Deshmukh Hall, Old Washi
Naka, A Ward,
Kolhapur- 416011. PAN : AAPAS5987G
Vs. ITO, NFAC.
Appellant

Respondent

आदेश / ORDER

PER S. S. VISWANETHRA RAVI, JM:

This appeal filed at the instance of assessee is directed against the order of Ld. CIT(A)/NFAC dated 02.12.2024 pertaining to assessment year 2020-21. 2. At the outset, Ld. Counsel for the assessee submitted that the sole issue involved in the instant case is the allowability of deduction u/s 80P(2)(d) of the Act for the interest earned from Assessee by : Shri A. S. Naik (Virtual)
Revenue by : Shri Manoj Tripathi

Date of hearing
: 19.03.2025
Date of pronouncement : 28.03.2025
2
cooperative banks. He stated that in assessee’s own case for assessment year 2018-19 similar issue has been decided in favour of the assessee vide ITA No.2378/PUN/2024 dated 07.01.2025. He prayed that the appeal of the assessee be allowed in view of the settled judicial precedent consistently followed by this Tribunal.
3. On the other hand, Ld. DR did not file any binding precedent in the interest of the Revenue.
4. We have heard rival contentions and perused the records placed before us. The assessee has earned interest of Rs.29,53,030/- on deposits held with cooperative banks. The issue is no longer res integra and considering the consistent view taken by this Tribunal and also referring to the decision of this Tribunal in the case of Kolhapur District Central Co-op. Bank Kanista Sevakanchi
Sahakar Pat Sanstha Ltd. vs. ITO in ITA No.1365/PUN/2023 dated
01.01.2024 and in assessee’s own case for assessment year 2018-19
in ITA No.2378/PUN/2024 we hold that since the cooperative banks are basically cooperative societies, therefore, the interest earned on deposits earned from cooperative banks are also allowable as deduction u/s 80P(2)(d) of the Act. We accordingly reverse the finding of Ld. CIT(A)/NFAC and direct the Assessing Officer to 3
allow the deduction u/s 80P(2)(d) of the Act at Rs.29,53,030/-.
Effective grounds of appeal raised by the assessee are allowed.
5. In the result, the appeal of the assessee is allowed.
Order pronounced on 28th day of March, 2025. (MANISH BORAD) (S. S. VISWANETHRA RAVI)
ACCOUNTANT MEMBER JUDICIAL MEMBER
पुणे / Pune; ᳰदनांक / Dated : 28th March, 2025. Sujeet
आदेश कᳱ ᮧितिलिप अᮕेिषत / Copy of the Order forwarded to :
1. अपीलाथᱮ / The Appellant.
2. ᮧ᭜यथᱮ / The Respondent.
3. The Pr. CIT concerned.
4. िवभागीय ᮧितिनिध, आयकर अपीलीय अिधकरण, “SMC” बᱶच,
पुणे / DR, ITAT, “SMC” Bench, Pune.

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Senior Private Secretary

आयकर अपीलीय अिधकरण, पुणे / ITAT, Pune.