The Ladol Vivth Karyakari Sahkari Mandli Ltd. vs. ACIT

Parties Involved

Facts Summary

The Ladol Vivth Karyakari Sahkari Mandli Ltd., a cooperative credit society, filed appeals against the orders of the National Faceless Appeal Centre (NFAC) for the Assessment Years 2017-18, 2018-19, and 2020-21. The assessee challenged the disallowance of deductions under Sections 80P(2)(a)(i) and 80P(2)(d) of the Income Tax Act, 1961. The assessee claimed deduction for interest received from Bank of Baroda and The Mehsana District Central Co-operative Bank Ltd. The appeals were heard together and decided by a common order.…

Legal Issues

• 1. Disallowance of deduction under Section 80P(2)(a)(i) of the Act for interest received from Bank of Baroda.
• 2. Disallowance of deduction under Section 80P(2)(d) of the Act for interest received from The Mehsana District Central Co-operative Bank Ltd.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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