The MIG Co-operative Housing Society (Bandra East) Group IV Limited vs. Addl/JCIT(A)

Parties Involved

Facts Summary

The MIG Co-operative Housing Society (Bandra East) Group IV Limited is a Co-operative Housing Society duly registered under Maharashtra Co-op. Societies Act, 1960. The assessee had filed its return of income on 20.01.2021, declaring total income at Rs.20,50,000/- after claiming deduction under Chapter VIA amounting to Rs.1,07,71,178/- u/s. 80P(2)(d) of the Act being the interest income earned on deposits with Co-operative Bank and the same was processed u/s. 143(1) of the Act where the learned Assessing Officer (ld. A.O. for short) / CPC disallowed the claim of deduction vide intimation dated 25.11.2021. Aggrieved the assessee was in appeal before the first appellate authority, challenging the assessment order. The ld. CIT(A) vide order dated 23.01.2024, upheld the order of the ld. A.O. / CPC on the disallowance made u/s. 80P(2)(d) of the Act on the ground that the Co-operative Bank does not fall under the category of ‘Co-operative Society’ and on other findings. Further, aggrieved the assessee is in appeal before us, challenging the impugned order of the ld. CIT(A).…

Legal Issues

• 1. Whether the assessee is entitled to claim deduction u/s. 80P(2)(d) of the Act towards the interest income received from the deposits made in the Co-operative Banks.
• 2. Whether the assessee is entitled to claim credit for self assessment tax amounting to Rs.7,32,257/-

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

Similar Judgements

• Alaknanda Sahakari Gruharachana Sanstha Maryadit Vs ITO

  Pune bench

• ITA No. 901/MUM/2024

  Mumbai bench

• Meherzin Co Operative Housing Society Limited Vs ITO, Ward-25(2)(1), Mumbai

  SMC Bench, Mumbai benchAY 2017-18Allowed

• L and T Emerald Isle T-7 Co-operative Housing Society Limited v/s Commissioner of Income Tax (Appeals)

  Mumbai bench

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

  SMC Bench, Mumbai benchAY 2020-21Allowed

• Udupi Taluk Protestant Christian Credit Co-operative Society Ltd. vs. ITO

  Bangalore benchAY 2018-19Allowed