PANDHARPUR TA MADHYAMIK SHIKSHAK & SEVAK SAHAKARI PAT SANSTHA LTD,PANDHARPUR vs. INCOME TAX OFFICER, WARD 2, PANDHARPUR

ITA 2576/PUN/2026Status: DisposedITAT Pune21 September 2026AY 2018-197 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that interest earned by a cooperative credit society from deposits made with banks, out of its business income, is eligible for deduction under Section 80P(2)(a)(i) of the Income Tax Act. The AO was directed to delete the addition.

What were the facts?

The assessee, a cooperative credit society, earned interest income from deposits kept in a bank. The Assessing Officer taxed this interest as income from other sources, denying deduction under Section 80P(2)(a). The assessee appealed this decision.

What were the issues?

Whether interest income earned by a cooperative credit society from bank deposits is eligible for deduction under Section 80P(2)(a) of the Income Tax Act.

Which sections of the Income-tax Act were involved?

Section 80P(2)(a),Section 250

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, PUNE BENCH “SMC”, PUNE

Before: SHRI Dr. DIPAK P. RIPOTE & SHRI VINAY BHAMORE

For Respondent: Shri Prashant Barate

PER Dr. DIPAK P. RIPOTE, A.M : This is an appeal filed by the assessee against the order of the Learned Commissioner of Income Tax (Appeals), NFAC, Delhi [Ld.CIT(A)], passed u/s. 250 of the Income Tax Act, 1961 (‘the Act’) for AY 2018-19 on 31/12/2025, emanating from the Assessment Order u/s 143(3) r.w.s. 143(3A) & 143(3B) of the Act, dated 04/03/2021. Findings and Analysis :

2.

No one appeared on behalf of the Assessee. Even for earlier hearing no one appeared on behalf of the assessee. Hence, we proceeded ex-parte qua Assessee. We heard Ld. Departmental Representative (DR) and perused the records.

2

2.

1 We have read the affidavit filed explaining the reas

The order continues below.

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