INCOME TAX OFFICER - 24(2)(1), MUMBAI, MUMBAI vs. JET AIRWAYS EMPLOYEES CO OP CREDIT SOCIETY LIMITED, MUMBAI

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ITA 3550/MUM/2026Status: DisposedITAT Mumbai18 August 2026AY 2017-1810 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that interest income earned by a co-operative society from investments in co-operative banks is eligible for deduction under Section 80P(2)(d) of the Income-tax Act, 1961, as this issue is well-settled by Supreme Court and High Court judgments.

What were the facts?

The assessee, a co-operative credit society, claimed deduction under Section 80P on its surplus income. The Assessing Officer denied the deduction, and the assessee appealed to the CIT(A). The CIT(A) allowed an alternative claim for deduction under Section 80P(2)(d) for interest income earned from investments in co-operative banks.

What were the issues?

Whether interest income earned by a co-operative society from investments in co-operative banks is eligible for deduction under Section 80P(2)(d), notwithstanding Section 80P(4).

Which sections of the Income-tax Act were involved?

Section 80P,Section 80P(2)(a)(i),Section 80P(2)(d),Section 80P(4)

AI-generated summary — verify with the full judgment below

Before: SHRI CHALLA NAGENDRA PRASAD & SHRI PRABHASH SHANKAR

For Respondent: Shri Shivaji V. (Sr. DR)
Hearing: 10.07.2026Pronounced: 18.08.2026

आदेश की प्रतितलति अग्रेतिि/Copy of the Order forwarded to : 1. अपीलार्थी / The Appellant 2. प्रत्यर्थी / The Respondent.

P a g e | 10 ITA No. 3550/Mum/2026 A.Y. 2017-18 Jet Airways Employees Co-op Credit Society Limited 3. आयकर आयुक्त / CIT 4. विभागीय प्रविविवि, आयकर अपीलीय अविकरण DR, ITAT, Mumbai 5. गार्ड फाईल / Guard file. सत्यावपि प्रवि //True Copy// आदेशानुसार/ BY ORDER,

उि/सहायक िंजीकार (Dy./Asstt. Registrar) आयकर अिीलीय अतधकरण/ ITAT, Bench, Mumbai.

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