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| The Tax Publishers2019 TaxPub(DT) 3221 (Bang-Trib) INCOME TAX ACT, 1961
Section 80P(2)(d)
Assessee was not entitled for deduction under section 80P(2)(d) on interest income earned on deposits made with co-operative banks and nationalized banks.
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Deduction under section 80P(2)(d) - Co-operative society - Interest earned from deposit made with co-operative banks - Allowability
Assessee contended that the authorities below erred in holding that the assessee was not entitled for deduction under section 80P(2)(d) of the Act in respect of interest earned from deposits in Co-operative Banks and nationalized Banks Held: Following the decision of Karnataka High Court in the case of PCIT v. Totagars Co-op. Sale Society in (2017) 395 ITR 611 (Kar.) : 2017 TaxPub(DT) 1748 (Karn-HC) which was followed by Co-ordinate Bench of the Tribunal in the case of Karnataka State Government House Building Co-operative Society Ltd., it was held that assessee was not entitled for being allowed deduction under section 80P(2)(d) on interest income earned on deposits made with co-operative banks and nationalized banks.
Followed:Totgars' Cooperative Sale Society Ltd. v. ITO (2010) 322 ITR 283 (SC) : 2010 TaxPub(DT) 1466 (SC) Pr. CIT v. Totagars Co-Operative Sale Society (2017) 395 ITR 611 (Kar.) : 2017 TaxPub(DT) 1748 (Karn-HC) Pr. CIT v. Totagars Co-operative Sale Society (2017) 392 ITR 74 (Karn) : 2017 TaxPub(DT) 0677 (Karn-HC) Karnataka State Government House Building Cooperative Society Ltd. v. ITO [ITA Nos. 1500 and 1501/Bang/2018 dated 22-3-2019] : 2019 TaxPub(DT) 3180 (Bang-Trib)
REFERRED :
FAVOUR : Against the assessee
A.Y. :
IN THE ITAT, BANGALORE BENCH
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