M/s. Maker Tower F Premises Co Operative Society Limited vs. Assistant Commissioner of Income Tax

Parties Involved

Facts Summary

The assessee, a co-operative society, claimed a deduction of Rs.18,98,601/- under section 80P(2)(d) of the Income Tax Act, 1961, on account of interest income earned from deposits in co-operative banks. The Assessing Officer disallowed this deduction, which was upheld by the Commissioner of Income Tax (Appeals). The assessee appealed against this decision. The Tribunal found that the assessee was entitled to the deduction as it had been allowed in previous years and the interest income from savings accounts maintained with co-operative banks qualified as an investment under section 80P(2)(d) of the Act.…

Legal Issues

• 1. Whether the assessee is entitled to claim deduction under section 80P(2)(d) of the Income Tax Act, 1961, on interest income received from savings accounts maintained with co-operative banks?

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

Similar Judgements

• Udupi Taluk Protestant Christian Credit Co-operative Society Ltd. vs. ITO

  Bangalore benchAY 2018-19Allowed

• Jakraya Multi-State Co-operative Credit Society Ltd. Vs ITO

  Pune bench

• ITA No. 901/MUM/2024

  Mumbai bench

• Alaknanda Sahakari Gruharachana Sanstha Maryadit Vs ITO

  Pune bench

• The Everard Tower Co-operative Housing Society Limited Vs ITO, Ward-41(1)(2), Mumbai

  SMC Bench, Mumbai benchAY 2020-21Allowed

• Dr Chandrakant Davtale Path Sanstha Maryadit Ganeshwadi. Vs ITO

  Pune bench