Stella Maris Co-operative Housing Society Ltd. Vs. Income Tax Officer Ward 22(3)(6)

Parties Involved

Facts Summary

The appellant, Stella Maris Co-operative Housing Society Ltd., is a Cooperative Society that filed its return of income for the Assessment Year 2015-16 on 16.10.2016, declaring total income of Rs. 1,12,030/-. The Assessing Officer passed an order under section 143(1) of the Income-tax Act, 1961 on 04.12.2016, disallowing the assessee's claim of deduction of Rs. 1,12,027/- and making an addition of Rs. 1,12,030/- in the total income of the assessee. The assessee appealed against this order to the Commissioner of Income-tax (Appeals), who dismissed the appeal. The assessee then appealed to the Income Tax Appellate Tribunal, arguing that the Commissioner erred in dismissing the appeal by ignoring the fact that the assessee derived interest income of Rs. 1,12,030/- from its investments held with co-operative banks.…

Legal Issues

• 1. Whether the appellant Stella Maris Co-operative Housing Society Ltd. is entitled to its claim of deduction of Rs. 1,12,030/- u/s. 80P(2)(d) of the Act on the interest received from investment in the said co-operative bank?

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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