Jagannath Co-operative Credit Society vs ITO, Ward -41(1)(2)
Case No: ITA No. 7449/Mum/2025
Court: INCOME TAX APPELLATE TRIBUNAL, 'F' BENCH, MUMBAI
Date: 1/20/2026
Parties Involved
appellantJagannath Co-operative Credit Society
respondentITO, Ward -41(1)(2)
Facts Summary
The assessee, Jagannath Co-operative Credit Society, filed an appeal challenging the order passed by the National Faceless Appeal Centre (NFAC) / CIT(A) under section 250 of the Income Tax Act, 1961 for the assessment year 2016-17. The assessee claimed deduction under section 80P(2)(a)(i) of the Act for its entire income derived from providing credit facilities to its members. The Assessing Officer disallowed the claim, which was sustained by the CIT(A). The assessee argued that it is a Co-opera…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the Assessing Officer erred in denying the deduction u/s 80P(2)(a)(i) to the assessee.
- 2. Whether the definition of 'Primary Co-operative Bank' under section 56(ccv) of the Banking Regulation Act, 1949 was wrongly interpreted by the Assessing Officer.
2 more legal issues analysed in this judgement.
Precedents Relied Upon
7 precedents cited in this judgement.