Sterling Court F Wing Co-op. Housing Society Ltd. vs. ITO, Ward-31(2)(1)

Parties Involved

Facts Summary

The assessee, Sterling Court F Wing Co-op. Housing Society Ltd., filed its return of income for the assessment years 2012-13, 2013-14, and 2014-15, claiming deductions under section 80P(2)(d) of the Income Tax Act, 1961. The Assessing Officer disallowed the deduction for Rs. 2,66,556/- under section 80P(2)(d) for AY 2012-13, stating that there was no mistake apparent on record. The assessee then filed an application for rectification under section 154 of the Act, which was also rejected. Aggrieved, the assessee appealed to the Commissioner of Income Tax (Appeals), who dismissed the appeal, holding that the return was filed beyond the stipulated date and that the interest income from Saraswat Co-operative Bank did not qualify for deduction under section 80P as it was not a co-operative society. The assessee then appealed to the ITAT.…

Legal Issues

• 1. Whether the Assessing Officer and the Commissioner of Income Tax (Appeals) erred in disallowing the deduction under section 80P(2)(d) of the Act.
• 2. Whether the interest income from Saraswat Co-operative Bank qualifies for deduction under section 80P(2)(d) of the Act.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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