SHREE DHANLAXMI CREDIT SOUHARDA SAHAKARI NIYAMIT ,ASHOK NAGAR NIPANI vs. INCOME TAX OFFICER,WARD-1,NIPANI, NIPANI

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ITA 40/PAN/2026Status: DisposedITAT Panaji28 July 2026AY 2017-1810 pages

In favour of the assessee: the assessee's appeal was allowed. From the AI summary of this appeal.

AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that societies registered under the Karnataka Souharda Sahakari Act, 1997, are considered cooperative societies eligible for Section 80P deduction. It also found that the assessee provided credit facilities to its members, including associate and nominal members, as recognized by the Act.

What were the facts?

The assessee, a credit cooperative society, claimed deduction under Section 80P. The Assessing Officer denied this deduction, arguing the assessee was not a cooperative society under the Income Tax Act and that it provided services to non-members. The CIT(A) upheld this decision.

What were the issues?

Whether a society registered under the Karnataka Souharda Sahakari Act is a cooperative society for Section 80P deduction, and whether deductions are allowable for credit facilities provided to associate/nominal members and for interest earned from cooperative banks.

Which sections of the Income-tax Act were involved?

Section 80P,Section 2(19),Section 80P(2)(a)(i),Section 80P(2)(d),Section 80P(4)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, PANAJI BENCH, ‘SMC’ PANAJI

Before: DR.MANISH BORAD & SHRI VINAY BHAMORE

For Appellant: Shri Pramod Vaidhya
For Respondent: Smt. Rijula Uniyal
Hearing: 11.06.2026Pronounced: 28.07.2026

आदेश की प्रतिलिपि अग्रेपिि / Copy of the Order forwarded to : अपील र्थी / The Appellant. 1. प्रत्यर्थी / The Respondent. 2. 3. The Pr. CIT concerned. विभ गीय प्रतितनधि, आयकर अपीलीय अधिकरण, Panaji 4. ‘DB’ Bench / DR, ITAT, Panaji ‘DB’ Bench ग र्ड फ़ इल / Guard File. 5.

आिेश नुस र / BY ORDER,

// True Copy // Assistant Registrar, आयकर अपीलीय अधिकरण, Panaji/ ITAT, Panaji

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