Income Tax Officer, Ward-1, Kanchipuram vs 41.Uttiramerur Urban Cooperative Credit Society Ltd.

Parties Involved

Facts Summary

The appellant is a Cooperative Society incorporated under the Tamil Nadu Cooperative Society Act 1983, formed to provide credit facilities to its members. No return of income for the Assessment Year 2016-17 was filed. The Assessing Officer (AO) formed an opinion that income had escaped assessment based on information about cash deposits of Rs.8,55,00,000/- made by the appellant society in Kancheepuram Central Co-operative Bank during the Financial Year 2015-16. The AO issued a notice under section 148 and made an addition of Rs.2,95,48,012/- after denying the claim for deduction under section 80P. The appellant society appealed to the National Faceless Appeal Centre (NFAC), which allowed the claim for deduction under section 80P. The Revenue is now appealing this order.…

Legal Issues

• 1. Whether the appellant society is eligible to claim deduction under section 80P of the Income Tax Act.

Judgment Outcome

Decided in favour of Partly Assessee / Partly Revenue.

Precedents Relied Upon

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