Taliparamba Govt. Employees Co-op. Society Ltd. vs. The Income Tax Officer- 4

Parties Involved

Facts Summary

The assessee, Taliparamba Govt. Employees Co-op. Society Ltd., filed an appeal against the disallowance of a deduction claim of Rs.52,70,841/- representing interest income from deposits made in Co-operative Banks under section 80P(2)(a)(i) of the Income Tax Act, 1961. The appeal was heard on 12.08.2024 and the order was pronounced on 25.09.2024. The assessee argued that the interest income could not be held to be derived from their regular credit facilities. The learned Sr. DR argued that the disallowance was rightly made. The Tribunal relied on a recent decision of the Hon'ble Jurisdictional High Court which rejected the Revenue's identical stand.…

Legal Issues

• 1. Whether the interest income from deposits made in Co-operative Banks is eligible for deduction under section 80P(2)(a)(i)?

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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