TH E PADNE SERVICE CO-OP BANK LTD,KASARGODE vs. THE ITO, WARD-2, KASARGODE

ITA 585/COCH/2017Status: DisposedITAT Cochin11 January 2018AY 2013-1411 pages
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What did the Tribunal hold?

The Tribunal held that interest earned on deposits with the sub-treasury is attributable to the banking business of the cooperative society and is eligible for deduction under Section 80P(2)(a)(i).

What were the facts?

The assessee, a primary agricultural credit society, claimed deduction under Section 80P(2) for interest earned on sub-treasury deposits. The Assessing Officer and CIT(A) denied this deduction, treating it as income from other sources.

What were the issues?

Whether interest income from sub-treasury deposits is eligible for deduction under Section 80P(2) as business income for a cooperative society.

Which sections of the Income-tax Act were involved?

Section 80P(2),Section 80P(4)

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Cases cited in this judgment(3)Show list

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Income Tax Appellate Tribunal, COCHIN BENCH, COCHIN

Before: Shri Chandra Pooraji, AM & Shri George George K, JM

Hearing: 10.01.2018Pronounced: 11.01.2018

Heard together (2 matters)

ITA No.584/Coch/2017
ITA No.585/Coch/2017

Read from the judgment's own cause title. This page is filed under one of them.

Per George George K., JM

These appeals at the instance of the assessee are directed against the consolidated order of the CIT(A) dated 29.06.2017. The relevant assessment years are 2007-2008 and 2013-2014. 2. Since common issue is raised in these appeals, they were heard together and are being disposed off by this consolidated order. We shall first adjudicate ITA No.584/Coch/2017 concerning assessment year 2007-2008. ITA Nos.584-585/Coch/2017. 2 M/s.The Padne Service Co-op.Bank Ltd. ITA No.584/Coch/2017 : Asst Year 2007-2008

3.

Two issues are raised in ITA No.584/Coch/2017, viz.,

(i) Whether the assessee-society is entitled to deduction u/s 80P(2) of th

The order continues below.

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