M/S SPLENDOR COMPLEX CHS LTD.,MUMBAI vs. ACIT- CIRCLE-31(3), MUMBAI

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ITA 2899/MUM/2023Status: DisposedITAT Mumbai21 December 2023AY 2015-164 pages

In favour of the assessee: the assessee's appeal was allowed. From the AI summary of this appeal.

AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that Section 80P(4) applies to cooperative banks, not to cooperative societies earning interest income from them. Therefore, the assessee is eligible for the deduction.

What were the facts?

The assessee, a cooperative housing society, claimed deduction under Section 80P(2)(d) on interest income earned from a cooperative bank. The Assessing Officer and CIT(A) denied this deduction, citing Section 80P(4).

What were the issues?

Whether a cooperative housing society is eligible for deduction under Section 80P(2)(d) on interest income earned from a cooperative bank, despite the provisions of Section 80P(4).

Which sections of the Income-tax Act were involved?

Section 80P(2)(d),Section 80P(4)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “G” BENCH, MUMBAI

For Appellant: Shri Paresh Gohil, AR
For Respondent: Shri Prashant Mahajan, DR
Hearing: 14.12.2023Pronounced: 21.12.2023
1.

A.Y. 2015-16 against the appellate order passed by the National Faceless Appeal Centre, Delhi (NFAC) dated 22nd June, 2023, wherein the appeal filed by the assessee against the assessment order dated 16th December, 2017, passed under Section 143(3) of the Income-tax Act, 1961 (the Act), was partly allowed. However, the assessee was aggrieved wherein the interest received by the assessee of ₹50,58,522/-, from co-operative bank was denied deduction under Section 80P(2)(d) of Income-tax Act, 1961 (the Act).

Order pronounced in the open court on 21.12. 2023.

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