BELVE VYAVASAYA SEVA SAHAKARI SANGHA LIMITED ,UDUPI vs. INCOME TAX OFFICER, WARD-2, UDUPI

ITA 817/BANG/2024Status: DisposedITAT Bangalore02 June 2025AY 2013-14Bench: SHRI WASEEM AHMED (Accountant Member), SHRI KESHAV DUBEY (Judicial Member)1 pages
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What did the Tribunal hold?

The Tribunal held that the assessee was not eligible for deduction under Section 80P as the return of income was filed belatedly, and the interest income from bank deposits was not attributable to the eligible business activity. The issue of provision for audit fee and interest expenses was remanded for fresh consideration.

What were the facts?

The assessee, a cooperative society, failed to file its return of income within the prescribed time. Subsequently, it filed a belated return claiming deduction under Section 80P(2)(a)(i) on interest income from bank deposits. The Assessing Officer disallowed this deduction, holding that such income was not eligible for deduction under Section 80P.

What were the issues?

Whether interest income from bank deposits is eligible for deduction under Section 80P for a cooperative society, and whether a belatedly filed return can claim such deductions.

Which sections of the Income-tax Act were involved?

Section 80P,Section 80A(5),Section 139,Section 148,Section 56,Section 80AC

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Income Tax Appellate Tribunal, ‘A’ BENCH, BANGALORE

Before: SHRI WASEEM AHMED & SHRI KESHAV DUBEY

For Appellant: Shri Mahesh R Uppin, Advocate
For Respondent: Smt. Neha Sahay, JCIT (DR)
Hearing: 16.04.2025Pronounced: 02.06.2025

PER WASEEM AHMED, ACCOUNTANT MEMBER:

These appeals filed by the assessee are against the order passed by the NFAC, Delhi both dated 01/03/2024 for the assessment year 2013-14. 2. At the outset, we note both the appeals being ITA No. 817 & 818/Bang/2018 by the assessee pertain to single assessment year i.e. A.Y. 2013-14 and the dispute therein is interconnected. Hence, we decide to club both the appeals and proceed to adjudicate the dispute in the following paragraphs.

ITA No.817 & 818/Bang/2024 3. The facts in brief are that the assessee is cooperative society and claimed to be engaged in the business of providing credit facilities to the members. Th

The order continues below.

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