THE JAGRAON CO-OPERATIVE MARKETING CUM PROCESSING SOCIETY LIMITED ,PUNJAB vs. THE INCOME TAX OFFICER WARD-1, JAGRAON , PUNJAB
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Income Tax Appellate Tribunal, CHANDIGARH BENCHES, “SMC” CHANDIGARH
Before: SHRI. VIKRAM SINGH YADAV, AM
PER VIKRAM SINGH YADAV, AM: This is an appeal filed by the Assessee against the order of the Ld. CIT(A)/NFAC, Delhi dt. 07/02/2024 pertaining to Assessment Year 2020-21. 2. In the present appeal, Assessee has raised the following grounds:
That the Ld. CIT(A) has erred in dismissing the appeal of the assessee and thereby, confirming the order of Assessing Officer in disallowing the deduction u/s 80P of the Act on account of interest received from The Ludhiana Central Cooperative Bank Ltd. to the tune of Rs. 28,92,492/-.
That the Ld. CIT(A) has failed to consider that the interest income is only from The Ludhiana Central Cooperative Bank Ltd. and, as such, the deduction u/s 80P (2)(d) of the Income Tax Act, has rightly been claimed.
That the Ld.CIT(A) has not followed the detailed recent judgment of Chandigarh Bench of the ITAT in the case of "Jagadhari Cooperative Marketing cum Processing Society Ltd. Vs. PCIT" reported in (2024), 125 TLC 103, in which, it has been held that any interest received by the Cooperative Society from the 'Cooperative Bank' is eligible for deduction u/s(80P (2) (d) of the Income Tax Act and that being the judgment of Juri ictional Bench of the ITAT, the Ld. CIT(A) was supposed to follow and hence the confirmation of addition by the CIT(A) is bad in law.
That the appellant craves leave to add or amend the grounds of appeal before the appeal is finally heard or disposed off.
During the course of hearing the Ld. AR submitted that the assessee is a co-operative society registered with the