BELDA SAMABAY KRISHI UNNAYAN SAMITY LTD.,BELDA, PASCHIM MEDINIPUR vs. I.T.O., WARD - 39(1),, MIDNAPUR

ITA 3000/KOL/2025Status: DisposedITAT Kolkata05 May 2026AY 2015-20166 pages
AI SummaryAllowed

What were the facts?

The assessee, a cooperative society, claimed deduction under Section 80P(2) on interest earned from investments in a cooperative bank and a nationalized bank. The Assessing Officer denied this deduction, treating the interest as income from other sources.

What did the Tribunal hold?

The Tribunal held that interest earned from cooperative banks is eligible for deduction under Section 80P(1). Following a coordinate bench's decision, the Assessing Officer was directed to grant the deduction.

What were the issues?

Whether interest income earned by a cooperative society from investments in banks is eligible for deduction under Section 80P(2).

Which sections of the Income-tax Act were involved?

Section 80P(2),Section 80P(1)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “SMC” BENCH,

Hearing: 05/05/2026Pronounced: 05/05/2026

Per George Mathan, JM: This is an appeal filed by the assessee against the order of the National Faceless Appeal Centre [hereinafter referred to as the ‘CIT(A)’] in appeal no.NFAC/2014-15/10235869 dated 21.02.2025. 2. Shri Soumitra Choudhary, Advocate, represented on behalf of the assessee and Sri Manas Mondal Sr. DR represented on behalf of the revenue.

3.

The appeal is filed by the assessee with a delay of 222 days. The assessee has filed an affidavit for condonation of delay. The reasons given in the affidavit are plausible and valid. Consequently,

2 ITANo.3000/Kol/2025 the delay in filing the appeal is hereby condoned and we pro

The order continues below.

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