GODS GIFT D WING CHS LTD,MUMBAI vs. COMMISSIONER OF INCOME TAX (APPEAL), MUMABI

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ITA 731/MUM/2024Status: DisposedITAT Mumbai04 April 2025AY 2020-2021Bench: SHRI BR BASKARAN (Accountant Member), SHRI SANDEEP GOSAIN (Judicial Member)1 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 income earned by a cooperative society from investments with another cooperative society, including cooperative banks, is eligible for deduction under Section 80P(2)(d) of the Income Tax Act, 1961. The lower authorities' orders were reversed.

What were the facts?

The assessee, a cooperative housing society, claimed a deduction of Rs. 1,11,509 for interest income earned from deposits with a cooperative bank. This deduction was denied by the AO and upheld by the CIT(A). The assessee filed an appeal before the tribunal.

What were the issues?

Whether interest income earned by a cooperative housing society from deposits with a cooperative bank is eligible for deduction under Section 80P(2)(d) of the Income Tax Act, 1961.

Which sections of the Income-tax Act were involved?

Section 80P(2)(d),Section 143(1),Section 154,Section 2(19),Section 2(10)

AI-generated summary — verify with the full judgment below

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Income Tax Appellate Tribunal, “SMC” BENCH MUMBAI

Before: SHRI BR BASKARAN & SHRI SANDEEP GOSAIN

For Appellant: Shri Pawan Chaudhary
For Respondent: Smt. Usha Gaikwad, Sr. DR
Hearing: 04.03.2025Pronounced: 04.04.2025

आदेश की �ितिलिप अ�ेिषत/Copy of the Order forwarded to : अपीलाथ� / The Appellant 1. ��थ� / The Respondent. 2. संबंिधत आयकर आयु� / The CIT(A) 3. आयकर आयु�(अपील) / Concerned CIT 4. िवभागीय �ितिनिध, आयकर अपीलीय अिधकरण, मु�बई / DR, ITAT, Mumbai 5. गाड� फाईल / Guard file. 6. आदेशानुसार/ BY ORDER, स�ािपत �ित //True Copy//

1.

उप/सहायक पंजीकार ( Asst. Registrar) आयकर अपीलीय अिधकरण, मु�बई मु�बई / ITAT, Mumbai मु�बई मु�बई

Date 1. Draft dictated on 04.03.2025 2. Draft placed before author 02.04.2025 3. Draft proposed & placed before the second member 4. Draft discussed/approved by Second Member. 5. Approved Draft comes to the Sr.PS/PS 6. Kept for pronouncement on 7. File sent to the Bench Clerk 8. Date on which file goes to the AR 9. Date on which file goes to the Head Clerk 10. Date of dispatch of Order. 11. Dictation Pad is enclosed

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