Mahalaxmi Jagdamba Nagrik Gramin Credit Cooperative Society vs. Income Tax Officer

Parties Involved

Facts Summary

The assessee, a Credit Cooperative Society, filed an appeal against the order dated 31.12.2024 passed by the Addl/JCIT(A)-6, Chennai/(NFAC) arising out of the Assessment order dated 03.12.2019 under section 143(3) of the Income Tax Act, 1961. The assessee raised grounds of appeal against the disallowance of deductions claimed on interest on FDR kept with nationalized bank under section 80P of the Act. The assessee argued that the Commissioner of Income Tax Appeal erred in confirming the order of the assessing officer and in disallowing the deduction claimed under section 80P on interest received from Cooperative Banks and Nationalized Banks FDRs.…

Legal Issues

• 1. Whether the learned commissioner of income tax appeal erred in confirming the order of assessing officer.
• 2. Whether the learned commissioner of income tax appeal erred in confirming addition of Rs.70,000/- made by assessing officer on account of disallowance of deduction claimed on interest on FDR kept with nationalized bank u/s.80P of the Act.
• 3. Whether the learned commissioner of income tax appeal erred in disallowing deduction claimed u/s.80P on Rs.1,06,004/-received as interest on the operational funds from the other bank.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

Similar Judgements

• Kheralu Taluka Primary Teachers Co. Op. Society Niyamit vs. ITO

  Ahmedabad bench

• Seohara Co-operative Cane Development Union Ltd. Vs Income Tax Officer, Ward-3(1), Nazibabad

  Delhi Bench ‘SMC’, New Delhi benchAY 2020-21Allowed

• Meherzin Co Operative Housing Society Limited Vs ITO, Ward-25(2)(1), Mumbai

  SMC Bench, Mumbai benchAY 2017-18Allowed

• Sridharpur Co-operative Bank vs. ITO, Ward-2(1), Burdwan

  Kolkata Bench benchAY 2020-21Allowed

• Deputy Commissioner of Income Tax, Circle-02, Ajmer Vs. Ajmer Zila Dugdh Utpadak Sahkari Sangh Limited

  Jaipur bench

• Bongaon Cooperative Credit Society Ltd. vs. DCIT, Circle-32, Kolkata

  Kolkata Bench benchAY 2022-23Allowed