Alaknanda Sahakari Gruharachana Sanstha Maryadit Vs ITO

Parties Involved

Facts Summary

The assessee, a co-operative housing society, filed an appeal against the order passed by the Additional/Joint Commissioner of Income Tax Appeals-4 Delhi, which in turn arose from an order of intimation passed under section 143(1) of the Income-tax Act, 1961 for the assessment year 2021-22. The assessee claimed a deduction under section 80P(2)(d) of the Act for interest income received from investments held with co-operative banks/institutions. The Revenue denied the deduction on the ground that the assessee is a co-operative society and the payer of the interest income is a co-operative bank, which falls under the purview of section 80P(4) of the Act.…

Legal Issues

• 1. Whether the assessee is entitled to claim deduction under section 80P(2)(d) of the Act for interest income received from investments held with co-operative banks/institutions?

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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