SHREE PALITANA NAGRIK SHARAFI SAHAKARI MANDALI LIMITED,BHAVNAGAR vs. ITO WARD 1(9) BHAVANAGAR, BHAVNAGAR

ITA 1264/AHD/2026Status: DisposedITAT Ahmedabad09 September 2026AY 2020-214 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that interest earned from a co-operative bank is eligible for deduction under Section 80P(2)(d). Following a coordinate bench's decision, the disallowance was deleted.

What were the facts?

The assessee, a credit co-operative society, claimed a deduction under Section 80P for interest income earned from a co-operative bank. The Assessing Officer disallowed this deduction, and the CIT(A) upheld the disallowance.

What were the issues?

Whether interest income earned from a co-operative bank by a co-operative society is eligible for deduction under Section 80P(2)(d) of the Income Tax Act.

Which sections of the Income-tax Act were involved?

Section 80P,Section 56,Section 143(3)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “SMC” BENCH, AHMEDABAD

Before: SHRI NARENDRA PRASAD SINHA & SHRI SANJAY KUMAR

For Appellant: Shri Jignesh Parikh, AR
For Respondent: Shri Sachin Kumar, SR-DR
Hearing: 31.08.2026Pronounced: 09.09.2026

PER NARENDRA PRASAD SINHA, ACCOUNTANT MEMBER:

This appeal is filed by the Assessee against the order of National Faceless Appeal Centre (NFAC), Delhi [hereinafter referred to as “CIT(A)”] dated 24.02.2026 for the Assessment Years (A.Y.) 2020-21 in the proceeding u/s 143(3) of the Income Tax Act [hereinafter referred as “the Act”].

2.

The brief facts of the case are that the assessee is a credit co- operative society carrying on business of providing financial assistance to Shree Palitana Nagrik Sharafi Mandali Limited Vs ITO, AY- 2018-19 2 its members. The return for A.Y. 2020-21 was filed declaring Nil income. The case was sel

The order continues below.

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