JALGAON JILHA MAJUR KAMGAR SAHAKARI SANSTHA FEDERATION LTD.,JALGAON vs. ITO, WARD 1(4), JALGAON, JALGAON

ITA 29/PUN/2025Status: DisposedITAT Pune27 May 2025AY 2018-19Bench: DR.DIPAK P. RIPOTE (Accountant Member), SHRI VINAY BHAMORE (Judicial Member)1 pages
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What did the Tribunal hold?

The Tribunal held that the CIT(A) erred in treating the claim under Section 80P(2)(d) as a fresh claim, as it was made in the computation of income and audit report. Following judicial precedents, the Tribunal allowed the deduction for interest income derived from investments with other cooperative societies.

What were the facts?

The assessee, a cooperative society, claimed deduction under Section 80P for interest income earned from fixed deposits and advances given to member societies. The Assessing Officer disallowed the claim, and the CIT(A) upheld the disallowance, treating the claim for deduction under Section 80P(2)(d) as a fresh claim not made during assessment proceedings.

What were the issues?

Whether interest income earned by a cooperative society from investments in other cooperative societies is eligible for deduction under Section 80P(2)(d) of the Income Tax Act, and if a claim made during appellate proceedings for the first time can be considered.

Which sections of the Income-tax Act were involved?

Section 80P(2)(a)(vi),Section 80P(2)(d),Section 250,Section 80P(2)(c)(ii),Section 80P

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Income Tax Appellate Tribunal, PUNE BENCHES “SMC” :: PUNE

Before: DR.DIPAK P. RIPOTE & SHRI VINAY BHAMORE

For Appellant: Smt. Deepa Khare – AR
For Respondent: Shri Madhan Thirmanpallil –
Hearing: 13/05/2025Pronounced: 27/05/2025

PER DR. DIPAK P. RIPOTE, AM: This is an appeal filed by the assessee directed against the order of ld.Commissioner of Income Tax(Appeal)[NFAC] under section 250 of the Income Tax Act, 1961 dated 23.12.2024 for the A.Y.2018-19. The Assessee has raised the following grounds of appeal :

ITA No.29/PUN/2025 [A]

“1. The learned CIT(A) erred in holding that the appellant is not eligible to claim the deduction u/s 80P(2)(a)(vi) of the Income tax Act, 1961 in respect of Income derived from the activities carried out by t

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