Ashwinikunj Sahakari Gruhrachana Sanstha Maryadit vs. ITO, Ward-13(2), Pune

Parties Involved

Facts Summary

The appellant, a Cooperative Society engaged in accepting deposits from its members and providing credit facilities, filed its Return of Income for the assessment year 2020-21 on 12.12.2020. The return was processed under section 143(1) on 25.11.2021, making an adjustment of Rs.1,90,930/- and disallowing a deduction of Rs.4,95,320/- claimed under section 80P(2)(d). The appellant filed a rectification application under section 154, which was rejected by the CPC on 28.06.2022. The appellant appealed to the NFAC, which dismissed the appeal. The appellant then filed an appeal before the ITAT.…

Legal Issues

• 1. The allowability of deduction under section 80P(2)(d) in respect of interest income earned by a Cooperative Society formed with the object of accepting deposits from Members and lending money to its Members.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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