SHRI BASAVESHWAR SOUHARDA SAHAKARI SANGHA NIYAMIT ,KALLOLI vs. INCOME TAX OFFICER, WARD - 1, GOKAK

ITA 485/PAN/2025Status: DisposedITAT Panaji17 March 2026AY 2022-23Bench: SHRI PAVAN KUMAR GADALE (Judicial Member), SHRI G D PADMAHSHALI ACCOUNTANT MEMBER I.T.A. No.485/PAN/2025 (A.Y. 2022-23) | Shri Basaveshwar Souharda Sahakari Sangh Niyamit, Kalloli Gokak, Belgavi-591224, Karnataka. | Vs | I.T.O., National e Assessment Centre, Delhi. | PAN .No. AAEAS1697N | | (अपीलार्थी/Appellant) | (प्रत्यर्थी/Respondent) | | Assessee by | None. Letter dated 13.03.2026 | | Revenue by | Sri Sanket Deshmukh.Sr.DR | | सुनवाई की तारीख/Date of Hearing | 16.03.2026 | | घोषणा की ता12 pages
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What did the Tribunal hold?

The Tribunal, following judicial precedents from the Karnataka and Gujarat High Courts, held that interest income earned by a cooperative society on its deposits with cooperative banks is eligible for deduction under Section 80P(2)(d). The Assessing Officer was directed to allow this deduction.

What were the facts?

The assessee, a cooperative society, claimed deduction under Section 80P(2)(a)(i) and alternatively under Section 80P(2)(d) for interest income earned on deposits with cooperative banks. The Assessing Officer denied the deduction, and the CIT(A) sustained this denial.

What were the issues?

Whether interest income earned by a cooperative society on deposits with cooperative banks 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(2)(a)(i),Section 80P(2)(d),Section 143(3),Section 250

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Income Tax Appellate Tribunal, PANAJI BENCH

Hearing: 16.03.2026Pronounced: 17.03.2026

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 earned on deposits with the cooperative banks.

2.

At the time of hearing, it was brought to the knowledge of the bench, that there is a delay of 146 days in filling the 2 Shri Basaveshwar Souharda Sahakari Sangha Niyamit . appeal before the Hon’ble Tribu

The order continues below.

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