FOOD CORPORATION EMPLOYEES CO OP CREDIT SOC LTD., Mumbai V. ITO 32 (1)(5), Mumbai

ITA 4621/MUM/2019

• Counselvise Citation: [2021] 108 COUNSELVISE.COM (IT) 5006 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 9 month(s) 1 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 09-04-2021
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: SMC
• Assessment Year: 2014-2015
• Appeal Filed On: 08-07-2019
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Keywords: Business income; Co-operative Credit Society
• Section: 80P; 201; 56

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH SMC, MUMBAI , .!'# ,&'&( BEFORE SHRI VIKAS AWASTHY, JUDICIAL MEMBER & SHRI S.RIFAUR RAHMAN, ACCOUNTANT MEMBER . 4622 / / 2019 (. . 2014-15 ) . 4621 / / 2019 (. . 2015-16 ) ITA NO.4622/MUM/2019 (A.Y 2014-15) ITA NO.4621/MUM/2019 (A.Y 2015-16) FOOD CORPORATION OF INDIA EMPLOYEES CO-OPERATIVE CREDIT SOC. LTD., FCI GODOWN, RAJENDRA NAGAR, DATTAPADA ROAD, BORIVALLI(E), MUMBAI 400 066. PAN: AAAAT4204G ...... , / APPELLANT VS. THE INCOME TAX OFFICER, WARD 32(1)(5), ROOM NO.729, 7 TH FLOOR, KAUTILYA BHAVAN, G-BLOCK, BANDRA KURLA COMPLEX, MUMBAI - 400 051 ..... -./ RESPONDENT ,// APPELLANT BY : NONE. -.// RESPONDENT BY : SHRI SANJAY J SETHI 0. / DATE OF HEARING : 13/01/2021 123 0. / DATE OF PRONOUNCEMENT : 09/04/2021 &/ ORDER PER VIKAS AWASTHY, JM: THESE TWO APPEALS BY THE ASSESSEE ARE DIRECTED AG AINST THE ORDER OF COMMISSIONER OF INCOME TAX (APPEALS) -44, MUMBAI [I N SHORT THE CIT(A)] FOR 2 ITA NO.4622/MUM/2019 (A.Y 2014-15) ITA NO.4621/MUM/2019 (A.Y 2015-16) THE ASSESSMENT YEARS 2014-15 AND 2015-16, RESPECTIV ELY. BOTH THE IMPUGNED ORDERS ARE OF EVEN DATE I.E. 06/05/2019. SINCE, TH E ISSUE RAISED IN BOTH THE APPEALS IS IDENTICAL, THESE APPEALS ARE TAKEN UP TO GETHER FOR ADJUDICATION AND ARE DISPOSED OF BY THIS COMMON ORDER. 2. FOR THE SAKE OF CONVENIENCE, FACTS ARE EXTRACTED FROM THE APPEAL OF ASSESSEE IN ITA 4622/MUM/19 FOR ASSESSMENT YEAR 201 4-15. THE SHORT ISSUE FOR ADJUDICATION IN THE APPEAL IS ASSESSEES ELIGIB ILITY TO CLAIM DEDUCTION UNDER SECTION 80P(2)(A)(I)/80P(2)(D) OF THE INCOME TAX A CT, 1961 ( IN SHORT THE ACT). 3. THE ASSESSEE IS A CO-OPERATIVE CREDIT SOCIETY EN GAGED IN PROVIDING FINANCIAL SUPPORT TO ITS MEMBERS. THE SOCIETY/APPEL LANT ACCEPT DEPOSITS FROM ITS MEMBERS I.E. EMPLOYEES OF FOOD CORPORATION OF I NDIA LTD. AND GRANT LOAN AT REASONABLE RATE AS AND WHEN REQUIRED BY ITS MEMBERS . DURING THE PERIOD RELEVANT TO ASSESSMENT YEAR UNDER APPEAL, THE ASSES SEE HAS EARNED INTEREST INCOME OF RS.11,45,183/- ON INVESTMENTS MADE IN FIX ED DEPOSITS WITH SARASWAT CO-OPERATIVE BANK LTD. AND APNA SAHKARI BANK LTD. A PART FROM INTEREST INCOME FROM CO-OPERATIVES BANKS, THE ASSESSEE HAS EARNED I NTEREST INCOME OF RS.2,01,382/- ON SAVING BANK ACCOUNT WITH STATE BAN K OF INDIA. THE ASSESSEE CLAIMED DEDUCTION UNDER SECTION 80P(2)(A)(I) IN RES PECT OF ABOVE INTEREST INCOME. IN ASSESSMENT PROCEEDINGS, THE ASSESSEES C LAIM OF DEDUCTION UNDER SECTION 80P(2)(A)(I) OF THE ACT WAS REJECTED BY TH E ASSESSING OFFICER BY HOLDING INTEREST INCOME AS, INCOME FROM OTHER SOURCES. AGGRIEVED BY THE ASSESSMENT ORDER DATED 29/11/2016, THE ASSESSEE FILED APPEAL BEFORE THE CIT(A). IN FIRST APPELLATE PROCEE DINGS, THE ASSESSEE RAISED ALTERNATE CONTENTION CLAIMING DEDUCTION UNDER SECTI ON 80P(2)(D) OF THE ACT ON INTEREST ON FIXED DEPOSITS WITH CO-OPERATIVE BANKS. THE CIT(A) REJECTED THE 3 ITA NO.4622/MUM/2019 (A.Y 2014-15) ITA NO.4621/MUM/2019 (A.Y 2015-16) APPEAL OF ASSESSEE IN TOTO AND CONFIRMED THE ADDITI ON. HENCE, THE PRESENT APPEAL BY THE ASSESSEE. 4. SHRI SANJAY J. SETHI REPRESENTING THE DEPARTMENT VEHEMENTLY DEFENDED THE IMPUGNED ORDER AND PRAYED FOR DISMISSING APPEAL OF THE ASSESSEE. THE LD. DEPARTMENTAL REPRESENTATIVE SUBMITTED THAT AFTER IN SERTION OF SUB-SECTION (4) TO SECTION 80P BY THE FINANCE ACT 2006 W.E.F. 01/04 /2007, THE BENEFIT OF SECTION 80P IS NOT AVAILABLE TO CO-OPERATIVE BANKS. THEREFORE, THE ASSESSEE NEITHER QUALIFIES FOR CLAIM OF DEDUCTION UNDER SECT ION 80P(2)(A)(I) NOR 80P(2)(D) OF THE ACT. 5. WE HAVE HEARD THE SUBMISSIONS MADE BY LD. DEPART MENTAL REPRESENTATIVE AND HAVE EXAMINED THE ORDERS OF AUTH ORITIES BELOW. THE ASSESSEE IN APPEAL HAS ASSAILED THE FINDINGS OF CIT (A) IN NOT ALLOWING DEDUCTION OF RS.13,46,565/- UNDER SECTION 80P(2)(A)(I) OF THE ACT. WITHOUT PREJUDICE TO PRIMARY CONTENTION, THE ASSESSEE HAS RAISED ALTERNA TE PLEA FOR ALLOWING DEDUCTION OF RS.11,45,183/- UNDER SECTION 80P (2)(D ) OF THE ACT IN RESPECT OF INTEREST INCOME ON FIXED DEPOSITS WITH CO-OPERATIVE BANKS. 6. THE ASSESSEE DURING FINANCIAL YEAR 2013-14 HAS E ARNED INTEREST INCOME AS UNDER:- NAME OF BANK NATURE OF INVESTMENT INTEREST EARNED. (RS.) SARASWAT CO-OPERATIVE BANK LTD. FIX DEPOSITS 4,50,000/- APNA SAHAKARI BANK LTD. FIX DEPOSITS 6 ,95,183/- STATE BANK OF INDIA SAVING BANK A/C. 2 ,01,382/- TOTAL 13,46,565/- 4 ITA NO.4622/MUM/2019 (A.Y 2014-15) ITA NO.4621/MUM/2019 (A.Y 2015-16) 7. THE PRIMARY CONTENTION OF THE ASSESSEE IS THAT I NTEREST INCOME FROM FIXED DEPOSITS AND SAVING BANK ACCOUNT IS ELIGIBLE FOR DEDUCTION UNDER SECTION 80P(2)(A)(I) OF THE ACT. THE HONBLE SUPREME COURT OF INDIA IN THE CASE OF TOTGARS, CO-OPERATIVE SALE SOCIETY LTD. VS. ITO, 32 2 ITR 283(SC) HAS HELD THAT INTEREST EARNED BY ASSESSEE WOULD COME IN CATEGORY OF 'INCOME FROM OTHER SOURCES' TAXABLE UNDER SECTION 56 AND WOULD NOT QUA LIFY FOR DEDUCTION AS BUSINESS INCOME UNDER SECTION 80P(2)(A)(I) OF THE A CT. SIMILAR VIEW HAS BEEN EXPRESSED BY THE HONBLE GUJARAT HIGH COURT IN THE CASE OF STATE BANK OF INDIA VS. CIT, 389 ITR 578. IN THE LIGHT OF AFORESAID DEC ISIONS, PRIMARY CONTENTION OF THE ASSESSE IS LIABLE TO BE REJECTED. THEREFORE, GROUND NO.1 OF THE APPEAL IS DISMISSED. 8. THE ALTERNATE CONTENTION OF THE ASSESSEE IS WITH REGARD TO DEDUCTION OF INTEREST INCOME RS.11,45,183/- ON INVESTMENT WITH C O-OPERATIVE BANKS UNDER SECTION 80P (2)(D) OF THE ACT. THE ISSUE WHETHER IN TEREST INCOME DERIVED FROM DEPOSITS WITH COOPERATIVE BANKS IS ELIGIBLE FOR DED UCTION UNDER SECTION 80P(2)(D) OF THE ACT OR NOT HAS NOT CRYSTALLISED SO FAR. THE COORDINATE BENCH OF THE TRIBUNAL IN THE CASE OF KALIANDAS UDYOG BHAVAN PREMISES CO-OP SOCIETY LTD. VS. ITO, 94 TAXMANN.COM 15 (MUMBAI) AFTER CONSIDERI NG VARIOUS DECISIONS BY HONBLE HIGH COURTS AND THE TRIBUNAL AND THE PROVIS IONS OF THE ACT, HAS HELD THAT INTEREST INCOME DERIVED BY A CO-OPERATIVE SOCI ETY FROM INVESTMENTS WITH A CO-OPERATIVE BANK, WOULD BE ENTITLED FOR DEDUCTION UNDER SECTION 80P(2)(D) OF THE ACT. THE RELEVANT EXTRACT OF THE ORDER READS AS UNDER: - 7. WE HAVE DELIBERATED AT LENGTH ON THE ISSUE UNDE R CONSIDERATION AND ARE UNABLE TO PERSUADE OURSELVES TO BE IN AGREEMENT WITH THE VIEW TAKEN BY THE LOWER AUTHORITIES. BEFORE PROCEEDING FURTHER, WE MAY HEREIN REPRODUCE THE RELEVANT EXTRACT OF THE SAID STATUTORY PROVISION, VIZ. SEC. 80P(2)(D), AS THE SA ME WOULD HAVE A STRONG BEARING ON THE ADJUDICATION OF THE ISSUE BEFORE US: 5 ITA NO.4622/MUM/2019 (A.Y 2014-15) ITA NO.4621/MUM/2019 (A.Y 2015-16) '80P(2)(D) (1) WHERE IN THE CASE OF AN ASSESSEE BEING A CO-OPE RATIVE SOCIETY, THE GROSS TOTAL INCOME INCLUDES ANY INCOME REFERRED TO IN SUB -SECTION (2), THERE SHALL BE DEDUCTED, IN ACCORDANCE WITH AND SUBJECT TO THE PRO VISIONS OF THIS SECTION, THE SUMS SPECIFIED IN SUB-SECTION (2), IN COMPUTING THE TOTAL INCOME OF THE ASSESSEE. (2) THE SUMS REFERRED TO IN SUB-SECTION (1) SHALL BE THE FOLLOWI NG, NAMELY : (A) TO (C)** (D) IN RESPECT OF ANY INCOME BY WAY OF INTEREST OR DIVIDENDS DERIVED BY THE CO-OPERATIVE SOCIETY FROM ITS INVESTMENTS WITH ANY OTHER CO- OPERATIVE SOCIETY, THE WHOLE OF SUCH INCOME; THUS, FROM A PERUSAL OF THE AFORESAID SEC. 80P(2)(D ) IT CAN SAFELY BE GATHERED THAT INCOME BY WAY OF INTEREST INCOME DERIVED BY AN ASSE SSEE CO-OPERATIVE SOCIETY FROM ITS INVESTMENTS HELD WITH ANY OTHER COOPERATIVE SOC IETY, SHALL BE DEDUCTED IN COMPUTING THE TOTAL INCOME OF THE ASSESSEE. WE MAY HEREIN OBSERVE, THAT WHAT IS RELEVANT FOR CLAIM OF DEDUCTION UNDER SEC. 80P(2)(D ) IS THAT THE INTEREST INCOME SHOULD HAVE BEEN DERIVED FROM THE INVESTMENTS MADE BY THE ASSESSEE CO-OPERATIVE SOCIETY WITH ANY OTHER COOPERATIVE SOCIETY. WE THOUGH ARE I N AGREEMENT WITH THE OBSERVATIONS OF THE LOWER AUTHORITIES THAT WITH THE INSERTION OF SUB-SECTION (4) OF SEC. 80P, VIDE THE FINANCE ACT, 2006, WITH EFFECT FROM 0 1.04.2007, THE PROVISIONS OF SEC. 80P WOULD NO MORE BE APPLICABLE IN RELATION TO ANY CO-OPERATIVE BANK, OTHER THAN A PRIMARY AGRICULTURAL CREDIT SOCIETY OR A PRIMARY CO -OPERATIVE AGRICULTURAL AND RURAL DEVELOPMENT BANK, BUT HOWEVER, ARE UNABLE TO SUBSCR IBE TO THEIR VIEW THAT THE SAME SHALL ALSO JEOPARDISE THE CLAIM OF DEDUCTION OF A C O-OPERATIVE SOCIETY UNDER SEC. 80P(2)(D) IN RESPECT OF THE INTEREST INCOME ON THEI R INVESTMENTS PARKED WITH A CO- OPERATIVE BANK. WE HAVE GIVEN A THOUGHTFUL CONSIDER ATION TO THE ISSUE BEFORE US AND ARE OF THE CONSIDERED VIEW THAT AS LONG AS IT IS PR OVED THAT THE INTEREST INCOME IS BEING DERIVED BY A CO-OPERATIVE SOCIETY FROM ITS IN VESTMENTS MADE WITH ANY OTHER CO- OPERATIVE SOCIETY, THE CLAIM OF DEDUCTION UNDER THE AFORESAID STATUTORY PROVISION, VIZ. SEC. 80P(2)(D) WOULD BE DULY AVAILABLE. WE MAY HERE IN OBSERVE THAT THE TERM 'CO- OPERATIVE SOCIETY' HAD BEEN DEFINED UNDER SEC. 2(19 ) OF THE ACT, AS UNDER: '(19) 'CO-OPERATIVE SOCIETY' MEANS A COOPERATIVE SO CIETY REGISTERED UNDER THE CO- OPERATIVE SOCIETIES ACT, 1912 (2 OF 1912), OR UNDER ANY OTHER LAW FOR THE TIME BEING IN FORCE IN ANY STATE FOR THE REGISTRATION OF CO-OPERATIVE SOCIETIES;' WE ARE OF THE CONSIDERED VIEW, THAT THOUGH THE COOP ERATIVE BANK PURSUANT TO THE INSERTION OF SUBSECTION (4) OF SEC. 80P WOULD NO MO RE BE ENTITLED FOR CLAIM OF DEDUCTION UNDER SEC. 80P OF THE ACT, BUT HOWEVER, A S A CO-OPERATIVE BANK CONTINUES TO BE A COOPERATIVE SOCIETY REGISTERED UNDER THE CO -OPERATIVE SOCIETIES ACT, 1912 (2 OF 1912), OR UNDER ANY OTHER LAW FOR THE TIME BEING ENFORCED IN ANY STATE FOR THE REGISTRATION OF CO-OPERATIVE SOCIETIES, THEREFORE, THE INTEREST INCOME DERIVED BY A CO- OPERATIVE SOCIETY FROM ITS INVESTMENTS HELD WITH A CO-OPERATIVE BANK, WOULD BE ENTITLED FOR CLAIM OF DEDUCTION UNDER SEC.80P(2)(D) OF THE ACT. [EMPHASISED BY US] 6 ITA NO.4622/MUM/2019 (A.Y 2014-15) ITA NO.4621/MUM/2019 (A.Y 2015-16) 9. THE PUNE BENCH OF TRIBUNAL IN THE CASE OF MAJAL GAON SAHAKARI SAKHAR KARKHANA LTD. VS. ACIT [2019] 105 TAXMANN.COM 100 ( PUNE - TRIB.) HAS TAKEN A SIMILAR VIEW IN RESPECT OF INTEREST AND DIVIDEND IN COME DERIVED FROM INVESTMENT WITH COOPERATIVE BANK. THE RELEVANT EXTR ACT OF THE FINDINGS OF THE TRIBUNAL ARE AS UNDER: - 24. IN SOME OF THE APPEALS THE ISSUE OF DEDUCTION UNDER SECTION 80P OF THE ACT ON INTEREST AND DIVIDEND INCOME IS ALSO INVOLVED. THE ASSESSEE CLAIMED DEDUCTION U/S.80P(2)(D) OF THE ACT ON INTEREST AND DIVIDEND R ECEIVED FROM CO-OPERATIVE SOCIETY ON SAVINGS BANK ACCOUNTS. THE AO DID NOT ALLOW SUCH DEDUCTION. THE LD. CIT(A) OVERTURNED THE ASSESSMENT ORDER ON THIS POINT AND G RANTED DEDUCTION. THE REVENUE IS AGGRIEVED BY SUCH ALLOWING OF DEDUCTION. 25. WE HAVE HEARD BOTH THE SIDES AND GONE THROUGH T HE RELEVANT MATERIAL ON RECORD. RELEVANT PART OF SECTION 80P READS AS UNDER : - 80P. (1) WHERE, IN THE CASE OF AN ASSESSEE BEING A COOPERATIVE SOCIETY, THE GROSS TOTAL INCOME INCLUDES ANY INCOME REFERRED TO IN SUB-SECTION (2), THERE SHALL BE DEDUCTED, IN ACCORDANCE WITH AND SUBJECT T O THE PROVISIONS OF THIS SECTION, THE SUMS SPECIFIED IN SUB-SECTION (2), IN COMPUTING THE TOTAL INCOME OF THE ASSESSEE. (2) THE SUMS REFERRED TO IN SUB-SECTION (1) SHALL B E THE FOLLOWING, NAMELY :- (A) TO (C) (D) IN RESPECT OF ANY INCOME BY WAY OF INTEREST OR DIVIDENDS DERIVED BY THE COOPERATIVE SOCIETY FROM ITS INVESTMENTS WITH ANY O THER CO-OPERATIVE SOCIETY, THE WHOLE OF SUCH INCOME; 26. A CURSORY LOOK OF THE ABOVE PROVISION DECIPHERS THAT ANY AMOUNT OF INTEREST OR DIVIDEND DERIVED BY A CO-OPERATIVE SOCIETY FROM ITS INVESTMENTS WITH ANY OTHER CO- OPERATIVE SOCIETY, IS DEDUCTIBLE UNDER CLAUSE (D) O F SECTION 80P(2) OF THE ACT. THE LD. CIT(A) HAS GIVEN A CATEGORICAL FINDING THAT ASSESSE E IS A CO-OPERATIVE SOCIETY AND THE CO-OPERATIVE BANK FROM WHICH THE ABOVE-MENTIONED IN COME WAS EARNED, IS ALSO A CO- OPERATIVE SOCIETY DULY REGISTERED UNDER MAHARASHTRA COOPERATIVE SOCIETIES ACT. THIS CONTENTION HAS NOT BEEN CONTROVERTED BY THE LD. DR WITH ANY COGENT MATERIAL OR EVIDENCE. THUS, IT IS SEEN THAT THE CASE OF THE ASS ESSEE IS FULLY COVERED U/S.80P(2)(D) OF THE ACT. RELIANCE OF THE AO ON THE PROVISIONS OF SU B-SECTION (4) OF SECTION 80P IS MISPLACED. SUCH PROVISION STATES THAT: 'THE PROVISI ONS OF THIS SECTION SHALL NOT APPLY IN RELATION TO ANY CO-OPERATIVE BANK OTHER THAN A PRIM ARY AGRICULTURAL CREDIT SOCIETY OR A PRIMARY COOPERATIVE AGRICULTURAL AND RURAL DEVELOPM ENT BANK.' AS THE ASSESSEE UNDER CONSIDERATION IS NOT A CO-OPERATIVE BANK, THE MANDA TE OF SUB-SECTION (4) DOES NOT EXTEND TO IT. WE, THEREFORE, APPROVE THE VIEW TAKEN BY THE LD. CIT(A) IN GRANTING DEDUCTION U/S.80P(2)(D) OF THE ACT IN RESPECT OF IN TEREST AND DIVIDEND INCOME EARNED BY THE ASSESSEE ON SUCH FACTS. [EMPHASISED BY US.] 7 ITA NO.4622/MUM/2019 (A.Y 2014-15) ITA NO.4621/MUM/2019 (A.Y 2015-16) 10. THE HON'BLE KARNATAKA HIGH COURT IN THE CASE O F PCIT VS. TOTAGARS, CO- OPERATIVE SALE SOCIETY 392 ITR 74 HAS HELD THAT FOR THE PURPOSE OF SECTION 80P(2)(D) OF THE ACT, CO-OPERATIVE BANK SHOULD BE C ONSIDERED AS COOPERATIVE SOCIETY. SIMILAR VIEW HAS BEEN TAKEN BY THE HON'BLE GUJARAT HIGH COURT IN THE CASE OF SURAT VANKAR SAHAKARI SANGH LTD. VS. ACIT, 421 ITR 134. 11. HOWEVER, ON THE SAME ISSUE HON'BLE KARNATAKA HIGH COURT IN THE CASE OF PCIT VS. TOTAGARS, CO-OPERATIVE SALE SOCIETY 395 IT R 611 (KARNATAKA) HAS TAKEN A CONTRARY VIEW HOLDING THAT INTEREST INCOME EARNED FROM DEPOSIT WITH THE COOPERATIVE BANK DOES NOT QUALIFY FOR DEDUCTION UND ER SECTION 80P(2)(D) OF THE ACT. IT WOULD BE RELEVANT TO MENTION HERE THAT THE HON'BLE HIGH COURT WHILE RENDERING THE LATER JUDGEMENT HAS NOT CONSIDERED TH E EARLIER DECISION RENDERED IN THE CASE OF TOTAGARS, CO-OPERATIVE SALE SOCIETY (SUPRA). 12. NO JUDGEMENT BY THE HONBLE JURISDICTIONAL HIG H COURT ON THIS ISSUE WAS BROUGHT TO OUR NOTICE. THE HON'BLE BOMBAY HIGH COUR T IN THE CASE OF K. SUBRAMANIAN VS. SIEMENS INDIA LTD. 156 ITR 11 HAS H ELD THAT WHEN TWO CONFLICTING DECISIONS OF NON-JURISDICTIONAL HIGH CO URTS ARE AVAILABLE, THE VIEW THAT FAVOURS THE ASSESSEE IS TO BE PREFERRED. ACCOR DINGLY, FOLLOWING THE DECISION OF HON'BLE KARNATAKA HIGH COURT IN THE CASE OF TOTA GARS CO-OPERATIVE SALE SOCIETY (SUPRA) AND THE DECISION IN THE CASE OF HON 'BLE GUJARAT HIGH COURT IN THE CASE OF VANKAR SAHAKARI SANGH (SUPRA), THE DEDU CTION CLAIMED BY THE ASSESSEE UNDER SECTION 80P(2)(D) OF THE ACT IN RESP ECT INTEREST DERIVED FROM INVESTMENTS WITH THE COOPERATIVE BANKS IS ALLOWED. WE FIND MERIT IN ALTERNATE CONTENTION RAISED BY THE ASSESSEE. ERGO, THE ASSESS EE SUCCEEDS ON GROUND NO.2 OF THE APPEAL. 13. IN THE RESULT, APPEAL OF THE ASSESSEE IS PARTLY ALLOWED. 8 ITA NO.4622/MUM/2019 (A.Y 2014-15) ITA NO.4621/MUM/2019 (A.Y 2015-16) ITA 4621/MUM/2019- A.Y.2015-16 14. THE LD. DEPARTMENTAL REPRESENTATIVE ADMITTED TH AT THE FACTS IN THE ASSESSMENT YEAR 2015-16 ARE IDENTICAL TO 2014-15, E XCEPT FOR THE AMOUNT OF INTEREST EARNED. 15. WE FIND THAT IN ASSESSMENT YEAR 2015-16 THE REL IEF CLAIMED BY THE ASSESSEE IS IDENTICAL TO THE ONE AS IN ASSESSMENT Y EAR 2014-15. DURING THE PERIOD RELEVANT TO ASSESSMENT YEAR 2015-16, THE ASS ESSEE HAS EARNED INTEREST INCOME AS UNDER: NAME OF BANK NATURE OF INVESTMENT INTEREST EARNED. (RS.) SARASWAT CO-OPERATIVE BANK LTD. FIX DEPOSITS 4,50,000/- APNA SAHAKARI BANK LTD. FIX DEPOSITS 11, 74,620/- STATE BANK OF INDIA SAVING BANK A/C. 83,932/- TOTAL 17,08,552/- SINCE, THE FACTS IN BOTH THE IMPUGNED ASSESSMENT YE ARS ARE PARI MATERIA, THE FINDINGS GIVEN BY US WHILE ADJUDICATING THE APP EAL OF ASSESSEE FOR ASSESSMENT YEAR 2014-15 WOULD APPLY MUTATIS MUTANDIS TO THE APPEAL FOR ASSESSMENT YEAR 2015-16. CONSEQUENTLY, THE ASSESSE E IS ALLOWED THE BENEFIT OF DEDUCTION UNDER SECTION 80P(2)(D) ON THE INTEREST I NCOME EARNED FROM CO- OPERATIVE BANKS. 16. IN THE RESULT, APPEAL OF THE ASSESSEE IS PARTLY ALLOWED. 9 ITA NO.4622/MUM/2019 (A.Y 2014-15) ITA NO.4621/MUM/2019 (A.Y 2015-16) 17. TO SUM UP, BOTH APPEALS BY THE ASSESSEE ARE PAR TLY ALLOWED. ORDER PRONOUNCED IN THE OPEN COURT ON FRIDAY THE 09 TH DAY OF APRIL, 2021. SD./- SD./- (S.RIFAUR RAHMAN ) (VIKAS AWASTHY) &' / ACCOUNTANT MEMBER / JUDICIAL MEMBER / MUMBAI, 5%/ DATED: 09/04/2021 VM , SR. PS(O/S) COPY OF THE ORDER FORWARDED TO : 1. , / THE APPELLANT , 2. -. / THE RESPONDENT. 3. 6. ( )/ THE CIT(A)- 4. 6. CIT 5. 78-.% , . . . , / DR, ITAT, MUMBAI 6. 89:'; / GUARD FILE. BY ORDER, //TRUE COPY// (DY./ASSTT. REGISTRAR) ITAT, MUMBAI