Dr Chandrakant Davtale Path Sanstha Maryadit Ganeshwadi. Vs ITO

Parties Involved

Facts Summary

The assessee, a credit co-operative society, earned interest income of ₹8,42,280/- from fixed/term deposits held with various co-operative societies & co-operative banks for the assessment year 2014-15. The Assessing Officer denied the deduction under section 80P(2)(a)(i) and 80P(2)(d) of the Income-tax Act, 1961, citing a decision of the Hon’ble High Court of Karnataka. The assessee appealed to the first appellate authority, which partially allowed the appeal by restricting the disallowance by allowing deduction to the extent of interest received from societies ₹2,25,684/-. The assessee further appealed to the ITAT, Pune, alleging that both the tax authorities erred in law and facts in denying the assessee society the valid claim of deduction.…

Legal Issues

• 1. Allowability of deduction u/s 80P(2) of the Act

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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