MEERUT COOPERATIVE CANE DEVELOPMENT UNION LTD,MEERUT vs. ASSESSMENT UNIT, NFAC DELHI

ITA 7519/DEL/2025Status: DisposedITAT Delhi18 September 2026AY 2020-215 pages
AI SummaryAllowed

What were the facts?

The assessee, a cooperative society engaged in marketing agricultural produce, claimed deduction under Section 80P(2)(a)(iii) for interest income. The Assessing Officer disallowed this deduction, relying on a Supreme Court judgment. The CIT(A) upheld the AO's decision.

What did the Tribunal hold?

The Tribunal held that interest income earned on surplus funds invested with cooperative banks and other entities is eligible for deduction under Section 80P(2)(a)(i) or 80P(2)(d) of the Act. This decision followed a catena of judgments by coordinate benches.

What were the issues?

Whether interest income earned by a cooperative society from investments of its surplus funds is eligible for deduction under Section 80P of the Income Tax Act.

Which sections of the Income-tax Act were involved?

Section 80P(2)(a)(iii),Section 80P(2)(a)(i),Section 80P(2)(d)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, DELHI “E” BENCHES, NEW DELHI

Before: SHRI MAHAVIR SINGH & SHRI MANISH AGARWAL

PER MANISH AGARWAL, A.M.: The present appeal is filed by assessee against the order dated 31.10.2025 passed by Ld. Commissioner of Income Tax (A), National Faceless Appeal Centre (“NFAC”), Delhi [“Ld. CIT(A)”] in Appeal No. NFAC/2019- 20/10180265 u/s 250 of the Income Tax Act, 1961 [“the Act”] arising out of assessment order dated 20.09.2022 passed u/s 143(3) r.w.s. 144B of the Act pertaining to Assessment Year 2020-21. 2. Brief facts of the case are that the a

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