NITYANAND NAGAR VIBHAG -IV COOPERATIVE HOUSING SOCIETY LIMITED ,MUMBAI vs. ITO WARD 24(3)(1), MUMBAI

ITA 494/MUM/2026Status: DisposedITAT Mumbai12 March 2026AY 2021-22Bench: SHRI NARENDER KUMAR CHOUDHARY, JUDICIAL MEMBER SHRI GIRISH AGRAWAL (Accountant Member)8 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the deduction under Section 80P(2)(d) for interest income earned by a cooperative society from its investments with another cooperative bank is allowable, as Section 80P(4) only excludes cooperative banks functioning like commercial banks from claiming deduction under Section 80P, not other cooperative societies investing in them.

What were the facts?

The assessee, a cooperative housing society, earned interest income from fixed deposits and savings accounts with a cooperative bank and claimed it as exempt under Section 80P(2)(d). The CPC disallowed the claim, and the CIT(A) upheld the disallowance. The assessee appealed.

What were the issues?

Whether interest income earned by a cooperative society from deposits with a cooperative bank is deductible under Section 80P(2)(d) of the Income Tax Act, despite Section 80P(4).

Which sections of the Income-tax Act were involved?

Section 80P(2)(d),Section 250,Section 143(1),Section 80P(4),Section 2(19)

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Income Tax Appellate Tribunal, MUMBAI BENCH “H”, MUMBAI

Before: SHRI NARENDER KUMAR CHOUDHRYSHRI GIRISH AGRAWAL

For Respondent: Shri Pravin Salunkhe (Sr. DR.)
Hearing: 05.03.2026Pronounced: 12.03.2026

Per : Narender Kumar Choudhry, Judicial Member:

This appeal has been preferred by the Assessee against the order dated 24.11.2025, impugned herein, passed by National Faceless Appeal Centre (NFAC)/Ld. Commissioner of Income Tax

2 NITYANAND NAGAR VIBHAG (Appeals), Delhi [in short Ld. Commissioner] u/s 250 of the Income Tax Act, 1961, [in short ‘the Act’] for the A.Y. 2021-22. 2. In the instant case, the Assessee during the year under consideration has earned the interest income of Rs.32,83,534/- on fixed

The order continues below.

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