SRI HANUMAGIRI SOUHARDA CREDIT CO-OPERATIVE LIMITED,BENGALURU vs. INCOME TAX OFFICER, WARD 3(2)(1), BENGALURU

ITA 2851/BANG/2026Status: DisposedITAT Bangalore18 September 2026AY 2017-189 pages
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What did the Tribunal hold?

The Tribunal held that the assessee is eligible for deduction under Section 80P based on High Court precedents. Regarding the demonetization deposits, the Tribunal ruled that if the funds originated from identifiable members, no addition under Section 69A could be made, remanding the issue for verification.

What were the facts?

The assessee, a co-operative society registered under the Karnataka Souharda Sahakari Act, 1997, claimed deduction under Section 80P. The Assessing Officer denied this deduction, viewing the assessee as not a co-operative society. Additionally, a large sum deposited in specified bank notes during demonetization was treated as unexplained income.

What were the issues?

Whether a co-operative registered under the Karnataka Souharda Sahakari Act is eligible for deduction under Section 80P, and whether demonetization deposits from members constitute unexplained income.

Which sections of the Income-tax Act were involved?

Section 80P,Section 69A,Section 115BBE,Section 143(3)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, BANGALORE BENCHES, BANGALORE

Before: SHRI PRASHANT MAHARISHI & SHRI SANDEEP SINGH KARHAIL

Heard together (2 matters)

ITA 2851/Bang/2026
SA 141/Bang/2026

Read from the judgment's own cause title. This page is filed under one of them.

PER SHRI PRASHANT MAHARISHI, VICE PRESIDENT

01.

This appeal is filed by Sri Hanumagiri Souharda Credit Co- operative Limited [ the Assessee/ Appellant] against the appellate order dated 20 July 2026 passed by the National Faceless Appeal

The order continues below.

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