VYAVASAYA SEVA SAHAKARA SANGA NIYAMITHA,BANGALORE vs. INCOME TAX OFFICER, WARD-6(3)(2), BANGALORE

ITA 2721/BANG/2025Status: DisposedITAT Bangalore23 September 20268 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the interest income earned by the cooperative society on its deposits is attributable to its business of providing credit facilities to its members. Therefore, it is eligible for deduction under Section 80P(2)(a)(i) of the Income-tax Act.

What were the facts?

The assessee, a cooperative society, claimed deduction under Section 80P(2)(a)(i) for interest income earned on fixed deposits. The Assessing Officer disallowed a portion of this deduction, treating the interest as income from other sources. The CIT(A) upheld the AO's order.

What were the issues?

Whether interest income earned by a cooperative society on its deposits is eligible for deduction under Section 80P(2)(a)(i) as income attributable to its business of providing credit facilities.

Which sections of the Income-tax Act were involved?

Section 80P(2)(a)(i),Section 80P(2)(d),Section 56

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, BANGALORE BENCHES, BANGALORE

Before: SHRI PRASHANT MAHARISHI & SHRI SANDEEP SINGH KARHAIL

PER SHRI PRASHANT MAHARISHI, VICE PRESIDENT

1.

This appeal, filed by the assessee for the assessment year 2017–18, challenges the appellate order dated 26 September 2025 passed by the Joint Commissioner of Income Tax (Appeals) [the learned CIT(A)]. By that order, the learned CIT(A) dismissed the assessee’s appeal against the assessment order dated 14 December 2019, passed under secti

The order continues below.

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