MAHALAXMI JAGDAMBA NAGRIK GRAMIN CREDIT COOPERATIVE SOCIETY,NAGPUR vs. ITO WARD 3(4),NAGPUR, NAGPUR

ITA 790/NAG/2025Status: DisposedITAT Nagpur10 September 2026AY 2017-184 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the assessee society is entitled to deduction under Section 80P(2)(d) of the Act for interest income from Cooperative Banks. The finding of the CIT(A) was reversed.

What were the facts?

The assessee, a Credit Cooperative Society, declared Nil income but was assessed at Rs. 1,76,004/-. The addition included Rs. 70,000/- for interest on FDRs with a nationalized bank and Rs. 1,06,004/- as interest on operational funds from another bank.

What were the issues?

The key issue was whether the assessee, a cooperative society, was eligible for deduction under Section 80P for interest income earned from a nationalized bank and another cooperative bank.

Which sections of the Income-tax Act were involved?

Section 80P

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, NAGPUR ‘SMC’ BENCH, NAGPUR

Before: DR.MANISH BORAD

For Respondent: Shri Abhay Shende, Sr.DR
Hearing: 28.07.2026Pronounced: 10.09.2026

The captioned appeal at the instance of assessee pertaining to A.Y. 2017-18 is directed against the order dated 31.12.2024 framed by Addl/JCIT(A)-6, Chennai/(NFAC) arising out of Assessment order dated 03.12.2019 passed u/s. 143(3) of the Income Tax Act, 1961 (in short ‘the Act’).

2.

When the case called for, none appeared on behalf of the assessee nor any representation has been moved seeking adjournment. I therefore proceed to adjudicate the appeal with the assistance of ld. Departmental Representative.

3.

Assessee has raised following grounds of appeal :

“1. On the facts and circumstances of the case and the law, learned commissioner of income tax app

The order continues below.

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