Pandharpur Ta Madhyamik Shikshak & Sevak Sahakari Pat Sanstha Ltd. vs. Income Tax Officer

Parties Involved

Facts Summary

The assessee, a cooperative credit society, filed an appeal against the order of the Commissioner of Income Tax (Appeals) for the Assessment Year 2018-19. The assessee had filed a return of income and was selected for scrutiny. The Assessing Officer (AO) issued notices, and the assessee filed a reply and relevant documents. The AO noted that the assessee had received interest income of Rs. 9,51,173/- from deposits kept in a bank. The AO held that the impugned interest did not constitute operational income of the assessee and taxed it as income from other sources. The assessee contended that the interest income was eligible for deduction under section 80P(2)(a) of the Income Tax Act, 1961.…

Legal Issues

• 1. Whether the interest income earned by the assessee is eligible for deduction under section 80P(2)(a) of the Act.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

Similar Judgements

• N Sai Multi State Cooperative Credit Society Ltd. Vs. ITO, Ward 1, Latur

  Pune bench

• Shrikrupa Nagari Sahakari Pathsanstha Maryadit vs. ITO, Ward 3, Panvel

  Pune bench

• Rajarshi Shahu Multistate Co-operative Credit Society Ltd. v/s Income Tax Officer

  Nagpur bench

• ITA No.112/Coch/2024 : The Ernakulam Urban Co-operative Society Limited v. The Assistant Commissioner of Income-tax Ernakulam

  Cochin bench

• DCIT vs. Rajkot LodhikaSahakariKharidVechan Sangh Limited

  Rajkot bench

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

  Ahmedabad bench