H U GUGALE NAGARI SAHKARI PATSANSTHA MARYADIT, AHMEDNAGAR,AHMEDNAGAR vs. INCOME TAX OFFICER, WARD-2, AHMEDNAGAR, AHMEDNAGAR

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ITA 1110/PUN/2023Status: DisposedITAT Pune14 December 20233 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 followed its own previous decision in the assessee's own case for an earlier assessment year. It held that the deduction under Section 80P should be allowed for the disputed interest income.

What were the facts?

The assessee, a cooperative society, claimed deduction under Section 80P for interest income earned from cooperative societies and nationalized banks. The CIT(A) denied this deduction.

What were the issues?

Whether interest income earned by a cooperative society from cooperative societies and nationalized banks is eligible for deduction under Section 80P of the Income Tax Act.

Which sections of the Income-tax Act were involved?

Section 80P

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, PUNE BENCH, ‘A’ PUNE

Before: SHRI R.S. SYAL & SHRI PARTHA SARATHI CHAUDHURY

For Appellant: Shri Prasad S. Bhandari
For Respondent: Shri Ramnath P. Murkunde

आदेश / ORDER

PER R.S. SYAL, VP :

1.

This appeal by the assessee is directed against the order dated 10-10-2023 passed by the CIT(A) in National Faceless Appeal Centre (NFAC), Delhi in relation to the Assessment Year 2020-21.

2.

The only issue raised in this appeal is against the denial of deduction u/s.80P in respect of interest income earned from Cooperative Societies/Nationalized Banks.

3.

We have heard both the sides and gone through the relevant material on record. At the outset, the ld. AR submitted that similar issue came up for consideration before the Tribunal (ITA No.218/PUN/2023) in assessee’s own case for the A.Y. 2018-19. A copy of the Tribunal order dt. 18-04-2023 deciding this issue in favour of the assessee is available on record. The ld. DR fairly admitted the factual position so stated. In view of the rival but concurring arguments, we, respectfully following the precedent, allow the deduction u/s.80P in respect of interest income in dispute.

4.

In the result, the appeal is allowed.

Order pronounced in the Open Court on 14th December, 2023.

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