Navasandesh Sahkari Patsanstha Maryadit, Mumbai vs. CIT, Mumbai

Parties Involved

Facts Summary

The assessee, a cooperative credit society, filed appeals against the assessment orders for the years 2017-18 and 2018-19. The assessee claimed deductions under section 80 P (2) (d) of the Income Tax Act for interest received from cooperative banks. The Income Tax Officer denied the deduction, and the Commissioner of Income Tax (Appeals) partly allowed the appeal. The assessee was aggrieved by the order and appealed to the Income Tax Appellate Tribunal. The Tribunal allowed the appeals, holding that the assessee is eligible for deductions under section 80 P (2) (a) (i) and (d) of the Act for income from business and interest from cooperative banks.…

Legal Issues

• 1. Eligibility for deduction under section 80 P (2) (d) of the Income Tax Act for interest received from cooperative banks.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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