Sridharpur Co-operative Bank vs. ITO, Ward-2(1), Burdwan
Case No: I.T.A. No.2106/Kol/2024
Court: Income Tax Appellate Tribunal, 'C' Bench, Kolkata
Date: 12/8/2025
Parties Involved
appellantSridharpur Co-operative Bank
respondentITO, Ward-2(1), Burdwan
Facts Summary
The assessee, Sridharpur Co-operative Bank, a Primary Agricultural Cooperative Credit Society registered under the West Bengal Cooperative Societies Act, filed its return of income for the assessment year 2020-21 declaring nil taxable income after claiming a deduction of ₹1,99,10,459 under Section 80P of the Income-tax Act, 1961. The case was selected for scrutiny under CASS for verification of the deduction claim. During the assessment proceedings, it was noticed that the assessee had earned in…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the assessee, a Primary Agricultural Cooperative Credit Society, is entitled to deduction under Section 80P(2)(d) for interest and dividend income earned from Cooperative Banks.
Precedents Relied Upon
4 precedents cited in this judgement.