NAGPUR ZILLA PARISHAD PRIMARY SHIKSHAK SAHAKARI PATH SANSTHA MARYADIT,NAGPUR vs. ITO WARD 4(4), NAGPUR, NAGPUR

ITA 462/NAG/2025Status: DisposedITAT Nagpur14 July 2026AY 2022-20237 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that credit cooperative societies are eligible for deduction under Section 80P(2)(a)(i) for interest and dividend income received from other cooperative banks and societies. The exclusion under Section 80P(4) does not apply to such societies.

What were the facts?

The assessee, a credit cooperative society, claimed a deduction of Rs. 2,11,51,037/- under Section 80P(2)(a)(i) for interest income earned from deposits with banks. The Assessing Officer and CIT(A) denied this deduction, treating the income as not part of the society's primary business activity.

What were the issues?

Whether interest income earned by a credit cooperative society from deposits with banks is eligible for deduction under Section 80P(2)(a)(i) of the Income Tax Act, and if Section 80P(4) excludes such societies.

Which sections of the Income-tax Act were involved?

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

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, NAGPUR BENCH :: NAGPUR

For Appellant: Shri Ameenuddin Khan, Adv. &, Shri Mahavir Atal, CA
For Respondent: Shri Surjit Kumar Saha, Sr.DR
Hearing: 15.06.2026Pronounced: 14.07.2026

PER KHETTRA MOHAN ROY, AM:

This appeal filed by the assessee is directed against the order of National Faceless Appeal Centre, Delhi, (for short, “CIT(A)”), dated 14/05/2025 passed under section 250 of the Income Tax Act, 1961 (for short, “Act”) which is emanating from the assessment order dated 22.03.2024 passed u/s. 143(3) r.w.s. 144B of the Act, for the Assessment Year (AY) 2022-23. 2. The only effective ground raised by the assessee in the present appeal is against the action of the Ld.CIT(A) in confirming the addition of Rs. 2,11,51,037/- and consequently denying the assessee's claim for deduction u/s. 80P(2)(a)(i) of the Income-tax Act, 1961. 3. Facts of the case, in brie

The order continues below.

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