Bongaon Cooperative Credit Society Ltd. vs. DCIT, Circle-32, Kolkata

Parties Involved

Facts Summary

The assessee, Bongaon Cooperative Credit Society Ltd., filed its return of income for the year 2022-23 declaring nil income after claiming a deduction under section 80P of the Income Tax Act of Rs.25,75,431.98. The case was selected for scrutiny, and the assessment was completed determining the total income at Rs.71,81,740 by disallowing the deduction under section 80P regarding interest income received from banks. Aggrieved by this order, the assessee appealed to the CIT(A), which dismissed the appeal. The assessee then appealed to the Income Tax Appellate Tribunal.…

Legal Issues

• 1. Whether the interest income received from banks is eligible for deduction under section 80P of the Income Tax Act.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

Similar Judgements

• Kheralu Taluka Primary Teachers Co. Op. Society Niyamit vs. ITO

  Ahmedabad bench

• Sridharpur Co-operative Bank vs. ITO, Ward-2(1), Burdwan

  Kolkata Bench benchAY 2020-21Allowed

• The Shukan Lotus Cooperative Housing Service Society Ltd. vs. Income Tax Officer

  Ahmedabad bench

• Meherzin Co Operative Housing Society Limited Vs ITO, Ward-25(2)(1), Mumbai

  SMC Bench, Mumbai benchAY 2017-18Allowed

• Katterikuppam Primary Agri Cooperative Credit Society Limited vs Income Tax Officer, Ward-3, Puducherry

• The Belthangady Co-operative Agricultural Sangha Limited Vs. The Income Tax Officer

  'B' Bench, Bangalore benchAY 2017-18 & 2018-19Partly Allowed