COOPERATIVE CANE DEVELOPMENT UNION LTD GANAULI,GANAULI RAUZA GAON vs. ASSESSMENT UNIT INCOME TAX DEPARTMENT, ASSESSING OFFICER NFAC DELHI

ITA 472/LKW/2026Status: DisposedITAT Lucknow09 September 2026AY 2022-2315 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal followed its previous decisions and restored the matter to the Assessing Officer for re-computation of the admissible deduction under Section 80P. This was to consider interest earned on investments made in accordance with specific sections of the U.P. Cooperative Societies Act.

What were the facts?

The assessee, a cooperative society, claimed a deduction under Section 80P for commission and interest income. The Assessing Officer disallowed this claim, and the National Faceless Appeal Centre (NFAC) upheld the disallowance. The assessee appealed to the ITAT.

What were the issues?

Whether interest income on deposits and commission income earned by a cooperative society are eligible for deduction under Section 80P, and whether such income is attributable to the society's main activities.

Which sections of the Income-tax Act were involved?

Section 80P,Section 139,Section 143(3),Section 144,Section 270A,Section 272A(1)(d)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, SMC BENCH, LUCKNOW

Before: SHRI. SUDHANSHU SRIVASTAVA

For Appellant: Shri J. N. Shukla, Advocate

This appeal has been preferred by the Assessee against the order dated 12.03.2026, passed by the National Faceless Appeal Centre, Delhi (NFAC) for Assessment Year 2022-23. 2.0 The brief facts of the case are that the assessee filed its return of income for the year under consideration under section 139 of the Income Tax Act, 1961 (hereinafter called 'the Act’) on 01.10.202, declaring Nil income and claiming deduction of Rs.2,72,69,086/- under section 80P of the Act. The case of the assessee was selected for scrutiny. After considering the replies furnished by the assessee in response to the statutory notices issued by the Assessing Officer (AO), the AO disallowed the claim of the assessee towards deduction under section 80P(2)(a)(iii) of the Act being the commission income of Rs.2,63,53,904/- and ITA No.472/LKW/2026 Page 2

The order continues below.

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