YAVATMAL ZILLA PARISHAD KARMCHARI SAHAKARI PAT SANSTHA LTD,YAVATMAL vs. INCOME TAX OFFICER WARD 1, YAVATMAL

ITA 605/NAG/2025Status: DisposedITAT Nagpur14 July 2026AY 2014-1517 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the interest income earned by the assessee from deposits with a cooperative bank is eligible for deduction under Section 80P(2)(a)(i) of the Act. The addition made by the AO and sustained by the CIT(A) was directed to be deleted.

What were the facts?

The assessee, a cooperative credit society, claimed deduction under Section 80P(2)(a)(i) for interest income earned on deposits with a District Central Cooperative Bank. The AO and CIT(A) disallowed this deduction, treating the interest as income from other sources, relying on the Totgars case.

What were the issues?

Whether interest income earned by a cooperative credit society on deposits with a cooperative bank 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 147,Section 148,Section 56

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, NAGPUR BENCH :: NAGPUR

Before: SHRI ANUBHAV SHARMA & SHRI KHETTRA MOHAN ROY

For Appellant: Shri Jitendra Dhameeha, 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 30/06/2025 passed u/s. 250 of the Income Tax Act, 1961 (for short, “Act”) which is arising out of assessment order passed u/s. 147 r.w.s. 144B of the Act dated 30.03.2022 for the Assessment Year 2014-15 (AY).

2.

Assessee has raised the following grounds of appeal:

“1. Based on the facts and circumstances of the case, initiation of proceedings u/s 148 of the I.T. Act, 1961 is unjustified, arbitrary, unwarranted and bad in law and needs to be set aside. 2) Based on the facts and circumstances of the case addition of Rs.1,91,75,041 /- under the income head Income from

The order continues below.

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