ASSISTANT COMMISSIONER OF INCOME TAX, AAYKAR BHAWAN, KOLHAPUR vs. KOLHAPUR ZILLA SAHAKARI DUDH UTPADAK SANGH LIMITED, KOLHAPUR

ITA 300/PUN/2024Status: DisposedITAT Pune11 March 2026AY 2018-19Bench: DR. MANISH BORAD (Accountant Member), SHRI VINAY BHAMORE (Judicial Member)1 pages
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What did the Tribunal hold?

The Tribunal dismissed the Revenue's ground regarding depreciation on fixed assets with subsidy. For additional depreciation and expenditure on Mahila Netruva Vikas Gokul Gram, the issues were remitted to the Assessing Officer for fresh adjudication. The Tribunal upheld the CIT(A)'s decision allowing deduction for interest earned from cooperative banks under Section 80P(2)(d).

What were the facts?

The assessee, a cooperative society, claimed a significant deduction under Chapter VIA. The Assessing Officer made substantial additions to the income. The CIT(A) partly succeeded the assessee's appeal, leading to the Revenue's appeal before the ITAT.

What were the issues?

Whether interest earned by a cooperative society from investments in cooperative banks is eligible for deduction under Section 80P(2)(d), and the allowability of depreciation and certain expenses.

Which sections of the Income-tax Act were involved?

Section 80P(2)(d),Section 143(3),Section 144B,Section 142(1)

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Cases cited in this judgment(3)Show list

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Income Tax Appellate Tribunal, PUNE BENCHES “A”, PUNE

Before: DR.MANISH BORAD & SHRI VINAY BHAMORE

For Appellant: Shri Sushant Phadnis
For Respondent: Shri Amol Khairnar
Hearing: 17.02.2026Pronounced: 11.03.2026

PER DR. MANISH BORAD, ACCOUNTANT MEMBER :

The captioned appeal at the instance of Revenue pertaining to A.Y. 2018-19 is directed against the order dated 21.12.2023 framed by National Faceless Appeal Centre, Delhi (NFAC) arising out of Assessment Order dated 08.09.2021 passed u/s. 143(3) r.w.s.144B of the Income Tax Act, 1961 (in short ‘the Act’).

2.

Brief facts of the case are that the assessee is a Cooperative Society and e-filed return of income for A.Y. 2018- 19 on 29.10.2018 declaring Nil income after claiming deduction under Chapter VIA at Rs.13,76,32,560/-. Case selected for Scrutiny through CASS for various reasons followed by validly serving notices

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