Belve Vyavasaya Seva Sahakari Sangha Ltd Udupi
Case No: ITA Nos.1440 & 1441/Bang/2024
Court: INCOME TAX APPELLATE TRIBUNAL 'C' BENCH: BANGALORE
Date: 1/15/2025
Parties Involved
appellantBelve Vyavasaya Seva Sahakari Sangha Ltd
respondentITO
Facts Summary
The assessee, Belve Vyavasaya Seva Sahakari Sangha Ltd, is a Primary Agricultural Credit Society registered under the Karnataka Co-operative Societies Act, 1959. It provides credit facilities to its members for agricultural activities, sells fertilizers and manure, and distributes PDS, among other permitted activities. The assessee filed its return of income on 04.01.2021 declaring a total income of Rs. NIL after claiming a deduction under section 80P(2)(a)(i) amounting to Rs. 1,02,21,126/-. The…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the CIT(A)/NFAC is justified in rejecting the claim for deduction under section 80P(2)(a)(i) or alternatively under section 80P(2)(d) of the Act for interest income earned from deposits with the SCDCC Bank.
Precedents Relied Upon
5 precedents cited in this judgement.