The Everard Tower Co-operative Housing Society Limited Vs ITO, Ward-41(1)(2), Mumbai

Parties Involved

Facts Summary

The Everard Tower Co-operative Housing Society Limited, a co-operative society, earned interest on fixed deposits and other deposits with various co-operative banks amounting to Rs. 35,70,053. The assessing officer disallowed this interest income based on certain High Court and Supreme Court decisions. The assessee appealed this disallowance, arguing that the cited decisions were not applicable as they dealt with different sections of the Income Tax Act. The assessee claimed that co-operative banks should be considered as co-operative societies for the purpose of section 80P(2)(d), making them eligible for the deduction.…

Legal Issues

• 1. Whether the ld. CIT(A) erred in confirming the action of ld. AO of disallowing the deduction though same was allowed on identical facts for AY 2017-18.
• 2. Whether the ld. CIT(A) erred in confirming the action of ld. AO of disallowing deduction u/s 80P(2)(d) of Rs. 35,71,053.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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