THE MAHANAGAR CREDIT CO-OPERATIVE SOCIETY LTD.,CUTTACK vs. ITO WARD-1(1) CUTTACK, CUTTACK

ITA 337/CTK/2026Status: DisposedITAT Cuttack02 June 2026AY 2020-2115 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The Tribunal held that interest income earned from cooperative banks and nationalized banks is not eligible for deduction under Section 80P, following the Supreme Court decision in The Mavilyi Service Co.op Bank Ltd. The penalty under Section 270A was quashed due to a defective show-cause notice.

What were the facts?

The assessee, a cooperative society, claimed deduction under Section 80P on various types of interest income. The Assessing Officer denied deduction on interest earned from cooperative banks and nationalized banks. A penalty under Section 270A was also levied.

What were the issues?

Whether interest income from cooperative banks and nationalized banks is deductible under Section 80P, and whether the penalty levied under Section 270A was valid given a defective notice.

Which sections of the Income-tax Act were involved?

Section 80P,Section 270A,Section 274

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, CUTTACK BENCH CUTTACK

Before: SHRI GEORGE MATHAN & SHRI RAJESH KUMAR

Hearing: 2/06/2026Pronounced: 2/06/2026

Per Bench: Shri K.K.Bal, ld AR appeared for the assessee and Shri Vijaya Singh, ld Sr DR appeared for the revenue. ITA 337/CTK/2026: Asst. Year-2020-21

2.

This an appeal filed by the assessee against the order of the ld CIT(A) in Appeal No.NFAC/2019-20/10222892 dated 31/01/2026 for the assessment year 2020-2021. 3. Ld AR of the assessee has filed written submissions, which are as follows:

2 आयकर अपील सं/ITA No.336/CTK/2026 आ

The order continues below.

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