The Income Tax Officer, Pandharpur v. Dhanshree Mahila Gramin Bigarsheti Sahakari Pat Sanstha Ltd.

Parties Involved

Facts Summary

The assessee, a cooperative credit society, claimed a deduction under section 80P of the Income Tax Act for interest income earned from fixed deposits with cooperative banks. The Assessing Officer disallowed this claim, leading to an appeal by the assessee to the Commissioner of Income Tax (Appeal), which was allowed. The Revenue filed an appeal against this order, leading to the present case before the Income Tax Appellate Tribunal.…

Legal Issues

• 1. Whether interest income earned by the assessee from fixed deposits with cooperative banks is allowable as a deduction under section 80P(2)(a)(i) of the Income Tax Act.
• 2. Whether the decision of the Karnataka High Court in PCIT Vs. Totgars Co-operative Sale Society (2017, 395 ITR 611) is applicable to the present case.

Judgment Outcome

Decided in favour of Partly Assessee / Partly Revenue.

Precedents Relied Upon

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