ITA No. 2843/MUM/2024 Charkop Lands End Co-operative Housing Society Ltd. Vs. ITO

Parties Involved

Facts Summary

The appellant, Charkop Lands End Co-operative Housing Society Ltd., filed its return of income for the Assessment Year 2020-21 on 30.12.2020, declaring a total income of Rs. 2,80,303/-. The return was processed on 25.11.2021, determining the total income at Rs. 6,75,160/-, after making a disallowance of Rs. 3,94,856/- claimed by the assessee under section 80P(2)(d) of the Income-tax Act, 1961. The assessee preferred an appeal against the intimation order passed by the CPC under section 143(1) of the Act, which was dismissed by the Commissioner of Income-tax (Appeals). The appellant has now appealed to the Tribunal, contending that the disallowance was erroneous.…

Legal Issues

• 1. Whether the appellant Co-operative Housing Society is entitled to its claim of deduction of Rs. 3,94,856/- as interest income derived from its investments in the said co-operative bank?

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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