M/s. Alland Taluka Teachers Credit Co-operative Society Ltd. vs. ITO
Case No: ITA No.1638/Bang/2024
Court: Income Tax Appellate Tribunal, 'C' Bench, Bangalore
Date: 1/7/2025
Parties Involved
appellantM/s. Alland Taluka Teachers Credit Co-operative Society Ltd.
respondentITO, Ward – 1, TPS, Gulbarga
Facts Summary
The assessee, M/s. Alland Taluka Teachers Credit Co-operative Society Ltd., is a registered Co-operative Society engaged in providing credit facilities to its members. For the Assessment Year 2018-19, the assessee filed a return of income declaring a total income of Rs. Nil, claiming deduction under section 80P(2)(a)(i) of the Income Tax Act, 1961. The case was selected for scrutiny, and the Assessing Officer (AO) disallowed the deduction claimed under section 80P, adding Rs. 7,22,911/- to the t…
Decision in favour of
Assessee
Legal Issues
- 1. Disallowance of deduction claimed under section 80P of the Act in respect of interest on investments.
- 2. Levy of penalty under section 270A of the Act for underreporting of income.