ITA No. 901/MUM/2024

Parties Involved

Facts Summary

The appellant, a registered co-operative society, filed an income tax return for the Assessment Year 2018-19, claiming deductions under Section 80P(2)(a)(i) and Section 80P(2)(d) of the Income Tax Act, 1961. The Assessing Officer rejected the claim for deduction under Section 80P(2)(d) on the ground that the benefit of the section was not available in respect of interest earned on deposit/investment made in a co-operative bank since a co-operative bank is not a co-operative society. The appellant filed an appeal against the assessment order, which was dismissed by the Commissioner of Income-tax (Appeals). The appellant then filed the present appeal before the Tribunal.…

Legal Issues

• 1. Whether a co-operative society is entitled to claim deduction under Section 80(P)(2)(d) of the Act in respect of interest income received from a co-operative bank.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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