Shivkrupa Gramin Bigar Sheti, Sahakari Patsanstha Maryadit vs. ITO, Ward-2, Ahmednagar

Parties Involved

Facts Summary

The appellant, a Cooperative Society governed by the Maharashtra Cooperative Societies Act, 1960, engaged in accepting deposits from its members and providing credit facilities, did not file its Return of Income for the assessment year 2015-16 under the regular provisions of section 139(1) of the Act. Based on information received by the JAO, a notice under section 148 was issued on 01.04.2022. The appellant filed its computation of income and return of income on 30.04.2022, declaring total income of Nil and claiming a deduction under section 80P of Rs.4,23,053/- on account of dividend/interest income earned from other cooperative banks/non-scheduled banks. Notices under section 142(1) were issued to the appellant to furnish details of investments and explain the eligibility of the claimed deduction. The appellant filed its submissions, and the assessment was completed by the Assessing Officer on 31.10.2023, assessing total income at Rs.4,23,053/-. The appellant appealed to the CIT(A)/NFAC, which confirmed the Assessing Officer's action. The appellant then appealed to the Tribunal.…

Legal Issues

• 1. The allowability of deduction under section 80P(2)(d) in respect of interest income earned by a Cooperative Society from investments with other cooperative banks/non-scheduled banks.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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