SHREE DURGAMATA CO-OPERATIVE CREDIT SOC LTD.,MUMBAI vs. CIT (A) - NFAC, DELHI

PDF · subscribers
ITA 414/MUM/2023Status: DisposedITAT Mumbai03 May 2023AY 2017-1816 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 interest income earned by a cooperative society on its deposits with cooperative banks is eligible for deduction under Section 80P(2)(d). Following various judicial precedents, the Tribunal set aside the CIT(A)'s order.

What were the facts?

The assessee, a credit cooperative society, claimed deduction under Section 80P(2)(d) for interest earned on deposits with cooperative banks. The Assessing Officer disallowed this deduction, treating the cooperative bank as an urban commercial bank, and the CIT(A) upheld this decision.

What were the issues?

Whether interest earned by a cooperative society on deposits with cooperative banks is eligible for deduction under Section 80P(2)(d) of the Income Tax Act.

Which sections of the Income-tax Act were involved?

Section 80P(2)(d),Section 144,Section 250,Section 263

AI-generated summary — verify with the full judgment below

Cases cited in this judgment(7)Show list

Detected automatically from the text. Citations are also linked where they appear in the judgment. The count shows how many other judgments on BharatTax rely on the same authority.

Income Tax Appellate Tribunal, “SMC” BENCH, MUMBAI

Hearing: 01.05.2023Pronounced: 01.05.2023

आदेशानुसार/ BY ORDER, स�या�पत ��त //True Copy//() 1.

( Asst. Registrar) ITAT, Mumbai Shree Durgamata Co-Operative Credit Society., Mumbai. - 16 -

Initial Date 1. Draft dictated on 01.05.2023 PS 2. Draft placed before author 01.05.2023 PS

3.

Draft proposed & placed before PS the second member 4. Draft discussed/approved by PS Second Member. 5. Approved Draft comes to the PS Sr.PS/PS 6. Kept for pronouncement on 7. File sent to the Bench Clerk 8. Date on which file goes to the AR 9. Date on which file goes to the Head Clerk. 10. Date of dispatch of Order. 11. Dictation Pad is enclosed 2. Other Member… on

More judgments on Section 80P(2)(d)

All 2,440 judgments and leading authorities on Section 80P(2)(d) →

Recent GST High Court judgments

Search GST case law →