AA520 VEERAMPALAYAM PACS LTD.,ERODE vs. ITO, WARD-2(1), ERODE

ITA 593/CHNY/2025Status: DisposedITAT Chennai24 July 2025AY 2020-21Bench: SHRI GEORGE GEORGE K (Vice President), SHRI S.R. RAGHUNATHA (Accountant Member)1 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the assessee is entitled to deduction under Section 80P(2)(d) for interest income earned from deposits with a cooperative bank, following previous judgments.

What were the facts?

The assessee, a primary agricultural cooperative society, claimed deduction under Section 80P for interest income earned from deposits with a cooperative bank. The Assessing Officer and CIT(A) disallowed this deduction, viewing it as income from other sources.

What were the issues?

Whether interest income earned by a cooperative society from deposits with another cooperative bank is eligible for deduction under Section 80P(2)(d) of the Income Tax Act.

Which sections of the Income-tax Act were involved?

Section 80P,Section 139(4),Section 119(2)(b),Section 56

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Income Tax Appellate Tribunal, ‘A’ BENCH, CHENNAI

Before: SHRI GEORGE GEORGE K & SHRI S.R. RAGHUNATHA

For Respondent: Shri. Kumar Chandan, JCIT (Virtual)
Hearing: 23.06.2025Pronounced: 24.07.2025

PER S. R. RAGHUNATHA, AM :

This appeal by the assessee is filed against the order of the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi, for the assessment year 2020-21, vide order dated 31.12.2024. 2. The grounds of appeal raised by the assessee are as under:

:-2-: ITA. No:593/Chny/2025

1.

The order passed by the Learned CIT(A) dated 10.01.2025

The order continues below.

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