Raigad District Police Cooperative Credit Society Limited vs. Income Tax Officer

Parties Involved

Facts Summary

The assessee, Raigad District Police Cooperative Credit Society Limited, is a cooperative credit society registered with the Deputy Registrar Cooperative Societies, District-Raigad. The Assessing Officer (AO) disallowed the assessee's claim for deduction under section 80P(2)(a) of the Income Tax Act, 1961, on interest income of Rs.8,86,638/-. The assessee filed an appeal before the Commissioner of Income Tax (Appeals), who confirmed the assessment order. The assessee then appealed to the Income Tax Appellate Tribunal (ITAT), Pune Bench.…

Legal Issues

• 1. Whether the Learned Commissioner of Income Tax (Appeals) erred in confirming the income assessed by the Assessing Officer.
• 2. Whether the Learned Commissioner of Income Tax (Appeals) erred in confirming the disallowance of deduction under section 80P(2)(a)(i) in respect of the interest received from Raigad District Central Co-operative Bank Ltd.
• 3. Whether the Learned Commissioner of Income Tax (Appeals) erred in not allowing the deduction alternatively under section 80P(2)(d) in respect of the interest received from Raigad District Central Co-operative Bank Ltd.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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