SANT TUKDOJI NAGRI SHAHKARI PAT SANSTHA LIMITED HINGANGHAT,HINGANGHAT vs. ITO WARD-2, WARDHA

ITA 479/NAG/2025Status: DisposedITAT Nagpur08 September 2026AY 2017-188 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that interest earned by a co-operative society on its business funds kept as deposits with banks is eligible for deduction under Section 80P(2)(a)(i). The Tribunal followed previous decisions of the ITAT and jurisdictional High Court on this matter.

What were the facts?

The assessee, a credit co-operative society, claimed deduction under Section 80P(2)(a)(i) for interest income earned from bank deposits. The Assessing Officer and CIT(A) denied this deduction, holding that such interest income was not eligible.

What were the issues?

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

Which sections of the Income-tax Act were involved?

Section 80P(2)(a)(i),Section 143(3),Section 250

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, NAGPUR SMC BENCH, NAGPUR

Before: SHRI MANISH BORAD

For Appellant: Shri K.P. Dewani, Advocate
For Respondent: Shri Shiv Shankar Yadav, Sr.DR
Hearing: 06/08/2026Pronounced: 08/09/2026

This appeal by the assessee is directed against the order of Ld. ADDL/JCIT (Appeals)-1, Chennai (for short, “CIT(A)”) dated 22.07.2025 passed u/sec. 250 of the Income Tax Act, 1961 (for short, “Act”) which is arising out of assessment order dated 12.12.2019 passed u/sec. 143(3) of the Act by the ITO, Ward-2, Wardha for the Assessment Year (A.Y.) 2017-18. 2. Sole grievance of the assessee is against the disallowance of deduction u/sec. 80P(2)(a)(i) of the Act for the interest income earned from the bank deposits at Rs. 18,31,456/-.

3.

I have heard the rival submissions and perused the material placed before me. I observe that the assessee is a credit co-operative society which has earned interest income of Rs.18,31,456/- on business funds kept a

The order continues below.

Read the full judgment

A free account opens 10 full judgments a month. Re-reading one you have already opened does not count again.

Create a free accountSign in

See plans and prices

The summary, the parties, the sections and the citations above are open to everyone and always will be. Only the text of the order and the PDF are metered.

More judgments on Section 80P(2)(a)(i)

All 2,347 judgments and leading authorities on Section 80P(2)(a)(i) →

Recent GST High Court judgments

Search GST case law →