THE CAMP MULTIPURPOSE PRIMARY AGRICULTURE COOPERATIVE SOCIETY LIMITED,PERNEM, GOA vs. INCOME TAX OFFICER, WARD 2 (1), PANAJI, GOA

ITA 55/PAN/2026Status: DisposedITAT Panaji11 March 2026AY 2016-17Bench: SHRI PAVAN KUMAR GADALE (Judicial Member)1 pages
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What did the Tribunal hold?

The Tribunal directed the Assessing Officer to allow deduction under Section 80P(2)(d) for interest income from cooperative banks. For interest income from scheduled banks, the issue was restored to the Assessing Officer for adjudication.

What were the facts?

The assessee, a cooperative society, claimed deduction under Section 80P for interest income from cooperative and scheduled banks. The Assessing Officer disallowed this claim, and the CIT(A) upheld the disallowance. The assessee appealed to the ITAT.

What were the issues?

Whether interest income earned by a cooperative society from deposits with cooperative banks and scheduled banks is eligible for deduction under Section 80P of the Income Tax Act.

Which sections of the Income-tax Act were involved?

Section 80P(2)(a)(i),Section 80P(2)(d),Section 148,Section 143(2),Section 142(1),Section 147,Section 144B,Section 250,Section 57

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Income Tax Appellate Tribunal, “SMC” BENCH PANAJI

Hearing: 10.03.2026

PER PAVAN KUMAR GADALE, JM:

The appeal is filed by the assesse against the order of NFAC/CIT(A) u/sec 250 of the Act. The assessee has raised the grounds of appeal challenging the order of the CIT(A) sustaining the denial of claim of deduction u/sec80P(2)(a)(i) of the Ac and without prejudice alternate relief u/sec80P(2)(d) of the Act on interest income from cooperative banks and scheduled banks.

2.

The brief facts of the case are that, the assessee is a cooperative society and is engaged in activities of providing credit facilities to its members. The Assessing Officer (AO) based on the information from ITBA NMS portal found that 2 ITA. No..55/PAN/

The order continues below.

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