Jaihind Nagari Sahakari Patsanstha Maryadit vs. The Income Tax Officer

Parties Involved

Facts Summary

The assessee, Jaihind Nagari Sahakari Patsanstha Maryadit, filed an appeal against the order of the Principal Commissioner of Income Tax (Pr. CIT) who had set aside the assessment order passed by the Assessing Officer (A.O) under Section 143(3) of the Income Tax Act, 1961. The appeal challenged the disallowance of a deduction under Section 80P of the Act for interest income derived from investments with co-operative banks. The assessee argued that the interest income was eligible for deduction under Section 80P(2)(d) as it was derived from investments with other co-operative societies. The Tribunal had to decide whether the interest income from investments with co-operative banks was eligible for deduction under Section 80P(2)(d) of the Act.…

Legal Issues

• 1. Whether the interest income derived from investments with co-operative banks is eligible for deduction under Section 80P(2)(d) of the Act?

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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