SHREE JAGADGURU MOUNESHWAR PATTIN SAHAKARI SANGH NIYAMIT KERUR,BAGALKOT vs. INCOME TAX OFFICER, WARD(1), BAGALKOT

ITA 2884/BANG/2025Status: DisposedITAT Bangalore21 September 2026AY 2016-179 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal condoned the delay, finding sufficient cause. It held that interest earned by a co-operative society engaged in credit facilities from deposits of surplus funds in co-operative banks is eligible for deduction under Section 80P(2)(a)(i). The decision relied upon by the CIT(A) was distinguished as it pertained to Section 80P(2)(d).

What were the facts?

The assessee, a co-operative credit society, claimed deduction under Section 80P(2)(a)(i) for interest earned on deposits with co-operative banks and statutory reserve funds. The Assessing Officer and CIT(A) disallowed this deduction, treating the interest as 'Income from Other Sources'. The appeal was filed with a delay of 128 days.

What were the issues?

Whether interest income earned by a co-operative credit society from deposits with other co-operative banks is eligible for deduction under Section 80P(2)(a)(i) of the Income Tax Act. Whether the delay in filing the appeal should be condoned.

Which sections of the Income-tax Act were involved?

Section 80P(2)(a)(i),Section 80P(2)(d),Section 148A,Section 147,Section 144B,Section 250

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 SANDEEP SINGH KARHAIL, JUDICIAL MEMBER:

The assessee has filed the present appeal against the impugned order dated 27/05/2025, passed under section 250 of the Income Tax Act, 1961 (“the Act”) by the learned Commissione

The order continues below.

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