M/s. NEERI Co–operative Credit Society v/s Income Tax Officer

Parties Involved

Facts Summary

The assessee, M/s. NEERI Co–operative Credit Society, filed its return of income on 11/12/2017, declaring total income at `nil. The case of the assessee was selected for scrutiny and notice under section 143(2) of the Income Tax Act, 1961. The Assessing Officer determined the taxable income after disallowing a deduction of `1,66,496 received from State Bank of India on account of interest under section 80P of the Act. The assessee filed an appeal against the order passed by the Commissioner of Income Tax (Appeals). The appeal was heard on 02/09/2024 and the order was pronounced on 09/09/2024.…

Legal Issues

• 1. Whether the interest income earned by the appellant from fixed deposits with State Bank of India is eligible for deduction under section 80P(2)(a)(i) of the Income Tax Act, 1961?

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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