Jalgaon Jilha Prathamik Shikshak Sahakari Patpedhi Limited vs. Income Tax Officer

Parties Involved

Facts Summary

The assessee, a Co-operative Society providing credit facilities to its members, filed an income return for the Assessment Year 2020-21 declaring total income of Rs. Nil after claiming a deduction under Chapter VI-A of Rs.58,72,630/-. The Assessing Officer disallowed the assessee's claim for deduction under section 80P(2)a) of the Income Tax Act on interest income of Rs.34,62,352/- received from District Co-operative Bank and other Bank. The assessee appealed against the order of the Commissioner of Income Tax (Appeals), which was confirmed. The assessee further appealed to the Income Tax Appellate Tribunal.…

Legal Issues

• 1. Whether the assessee is eligible for deduction under section 80P(2)(a) of the Income Tax Act on interest income received from deposits with Cooperative Bank or Bank.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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