MAHATMA PHULE NAGRI PAT SANSTHA M. SHEGAON,SHEGAON vs. INCOME TAX OFFICER, WARD-2,KHAMGAON, KHAMGAON

ITA 532/NAG/2026Status: DisposedITAT Nagpur07 August 2026AY 2018-197 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that interest income earned on deposits with nationalized banks and other cooperative banks is an allowable deduction under Section 80P(2)(a)(i) of the Act, following established judicial precedents.

What were the facts?

The assessees, cooperative societies, claimed deduction under Section 80P(2)(a)(i) for interest income earned on deposits with nationalized and cooperative banks. The Assessing Officer and CIT(A) denied this deduction.

What were the issues?

Whether interest income earned by cooperative societies on deposits with nationalized and cooperative banks 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)

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Heard together (3 matters)

ITA No.373/NAG/2026
ITA No.478/NAG/2026
ITA No.532/NAG/2026

Read from the judgment's own cause title. This page is filed under one of them.

IN THE INCOME TAX APPELLATE TRIBUNAL NAGPUR ‘SMC’ BENCH, NAGPUR (Through Virtual) BEFORE DR.MANISH BORAD, ACCOUNTANT MEMBER आयकर अपील सं. / ITA No.373/NAG/2026 Assessment Year : 2017-18 Keshao Nagari Co-operative Vs. Income Tax Officer, Path Sanstha Ltd Wani Ward-1, Yavatmal 1, Above Sanskruti Hotel, Jatashankar Square, Wani, Yavatmal - 445304 PAN : AAATK9192R Appellant Respondent

Appellant by : Shri Naresh Jakhotia (through virtual) Respondent by : Shri Shiv Shankar Yadav, Sr DR (through virtual) Date of hearing : 03.08.2026 Date of pronouncement : 07.08.2026

आयकर अपील सं. / ITA No.478/NAG/2026 Assessment Year : 2020-21 Ward-4(4), Nagpur HN1714, Sadanand Maharaj Math, Dr. Ambedkar Marg S.O., Nagpur – 440017 PAN : AAEAT3672L Appellant Respondent

Appellant by : Shri Naresh Jakhotia (through virtual) Respondent by : Miss Jaya Lakhwani, Sr DR (through virtual) Date of hearing : 04.08.2026 Date of pronouncement : 07.08.2026 आयकर अपील सं. / ITA No.532/NAG/2026 Assessment Year : 2018-19 Ward-2, Khamgaon Near Gajanan Maharaj Nagzari Road, At Shega

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