Morattupalayam Primary Agricultural Coop. Credit Society Ltd. v. Income Tax Officer

Parties Involved

Facts Summary

The appeal was filed against the order of the Commissioner of Income Tax (Appeals) at the National Faceless Appeal Center, Delhi, dated 20.03.2024, for the assessment year 2013-14. The assessee challenged the order under section 250 of the Income Tax Act. The appeal was filed with a delay of 25 days, which was condoned by the tribunal. The main issues were the denial of reduction under section 80P of the Act and the treatment of interest income received from the Central Co-operative Bank. The assessee submitted several documents in support of its contentions, which were not considered by the First Appellate Authority as the assessee did not comply with the order.…

Legal Issues

• 1. Denial of reduction under section 80P of the Act
• 2. Treatment of interest income received from Central Co-operative Bank

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

Similar Judgements

• Alaknanda Sahakari Gruharachana Sanstha Maryadit Vs ITO

  Pune bench

• Mumbai Postal Employees Co-Operative Credit Society Ltd. vs. ITO

  Mumbai bench

• M/s. Primary Agricultural Credit Co-operative Society Ltd. Vs. The Income Tax Officer, Ward – 2, Tumkur

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

  Pune bench

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

  Kolkata Bench benchAY 2020-21Allowed

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

  Bangalore benchAY 2018-19Allowed