PERURCHETTIPALAYAM PACCS,COIMBATORE vs. ITO, NCW-4(2), COIMBATORE

ITA 3221/CHNY/2025Status: DisposedITAT Chennai13 March 2026AY 2017-18Bench: SHRI ABY T. VARKEY (Judicial Member), SHRI INTURI RAMA RAO (Accountant Member)1 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that interest earned from investments in a cooperative bank is eligible for deduction under Section 80P(2)(a)(i) and 80P(2)(d) of the Income Tax Act, following the jurisdictional High Court's decisions. The AO's disallowance was therefore incorrect.

What were the facts?

The assessee, a Primary Agricultural Co-op. Credit Society, claimed deduction under Section 80P for interest income earned from investments in the Coimbatore District Central Co-op. Bank. The Assessing Officer disallowed this claim, treating the interest as income from other sources.

What were the issues?

Whether interest income earned by a cooperative society from investments in a cooperative bank is eligible for deduction under Section 80P of the Income Tax Act.

Which sections of the Income-tax Act were involved?

Section 80P,Section 56

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Cases cited in this judgment(3)Show list

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Income Tax Appellate Tribunal, ‘A’ BENCH: CHENNAI

Before: SHRI ABY T. VARKEY & SHRI INTURI RAMA RAO

Hearing: 23.02.2026Pronounced: 13.03.2026

PER ABY T. VARKEY, JM: These are appeals preferred by the assessee against the order of the Learned Commissioner of Income Tax (Appeals)/NFAC, (hereinafter

referred to as “the Ld.CIT(A)”), Delhi, dated 24.09.2025 for the Assessment Year (hereinafter referred to as "AY”) 2016-17, 2017-18,

2018-19 & 2020-21 respectively. Both the parties agreed that the sole

issue permeating in all the four appeals a

The order continues below.

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