Nimshaskiya Madhyanik Shaley Karamchari Sahakari Sanstha Ltd. v/s Income Tax Officer

Parties Involved

Facts Summary

The assessee, a Co-operative Society, engaged in accepting deposits and providing credit facilities to its members, filed its return of income electronically on 05/08/2017, declaring total income at ` 24,080, after claiming deduction under Chapter VIA (80P) at ` 14,28,366, from the gross total income of ` 14,52,441. The case was picked up by CASS for the reason of large deduction under Chapter VIA from total income. The Assessing Officer disallowed the deduction of Rs. 3,27,687/- under section 80P of the IT Act, 1961, which was confirmed by the CIT(A). The assessee appealed against this order.…

Legal Issues

• 1. Whether the Ld. AO and CIT(A) is correct in disallowing a sum of Rs. 3,27,687/- from deduction claimed under Sec 80P as interest income on deposit nationalized bank.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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