DR HEDGEWAR GRAMIN AKRUSHAK SAHAKARI PAT SANSTHA,NACHANGAON vs. DCIT/ACIT CIRCLE-3, NAGPUR

ITA 538/NAG/2026Status: DisposedITAT Nagpur08 September 2026AY 2022-233 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that interest income earned from scheduled banks, including private sector banks like ICICI Bank, is eligible for deduction under Section 80P(2)(a)(i) as it is derived from utilizing funds for business purposes and maintaining liquidity/safety.

What were the facts?

The assessee, a credit cooperative society, earned interest income from nationalized and private banks. The Assessing Officer allowed deduction for interest from nationalized banks but disallowed it for private banks. The assessee's appeal to the CIT(A) provided partial relief.

What were the issues?

Whether interest income earned from investments in private scheduled banks by a credit cooperative society 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 250,Section 143(3),Section 144B

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, NAGPUR SMC BENCH, NAGPUR

Before: SHRI MANISH BORAD

For Appellant: Shri Pravin Dhiran, CA
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. Commissioner of Income Tax (Appeals)/NFAC, Delhi (for short, “CIT(A)”) dated 10.03.2026 passed u/sec. 250 of the Income Tax Act, 1961 (for short, “Act”) which is arising out of assessment order dated 21.03.2024 passed u/sec. 143(3) r.w.s. 144B of the Act for the Assessment Year (A.Y.) 2022-23. 2. The only grievance is against the denial of deduction u/sec. 80P of the Act for the interest income of Rs. 3,48,948/- received from nationalized/scheduled banks.

3.

I have heard the rival submissions and perused the material placed before me. I note that assessee is a credit

2 cooperative society and held investments with nationalized and pr

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 →