DAPODI WORKSHOP EMPLOYEES CO-OPERATIVE CREDIT SOCIETY LIMITED,PUNE vs. INCOME TAX OFFICER, WARD 8(1), PUNE, PUNE
आयकर अपीलीय अिधकरण ”एस एम सी” Ɋायपीठ पुणेमŐ।
IN THE INCOME TAX APPELLATE TRIBUNAL
PUNE BENCHES “SMC” :: PUNE
BEFORE MS.ASTHA CHANDRA, JUDICIAL MEMBER
AND DR.DIPAK P. RIPOTE, ACCOUNTANT MEMBER
आयकर अपील सं. / ITA No.824/PUN/2025
िनधाᭅरण वषᭅ / Assessment Year: 2020-21
Dapodi Workshop Employees
Co-operative Credit Society
Limited,
Jasampada Building, Dapodi,
Pune – 411012. Maharashtra.
V s
The Income Tax Officer,
Ward-8(1), Pune.
PAN: AAAAD5605M
Appellant/ Assessee
Respondent / Revenue
Assessee by Shri Arpit Dnyandeo Dambhare – CA
Revenue by Shri Madhan Thirmanpalli –
Addl.CIT(DR)
Date of hearing
14/05/2025
Date of pronouncement 16/05/2025
आदेश/ ORDER
PER DR. DIPAK P. RIPOTE, AM:
This appeal filed by the assessee is against the order of ld.Commissioner of Income Tax(Appeals)[NFAC], passed under section 250 of the Income Tax Act, 1961; dated 06.12.2024 for Assessment Year 2020-21. The assessee has raised the following grounds of appeal :
ITA No.824/PUN/2025 [A]
2
“The Hon'ble CIT(A) has wrongly confirmed the disallowance of deduction of interest and dividend income of Rs. 17,80,627/- claimed by the appellant under section 80P(2)(a)(i) of the Income Tax Act, 1961
being the part of business. income which was treated as 'Income from other sources by the Ld. Assessing officer.
Alternatively, the interest and dividend income earned by the appellant from the investments in a co-operative bank is also eligible for deduction under section 80P(2)(d) of the Income Tax Act, 1961. 3. The Appellant crave leave to add, delete, amend, alter, vary and/or withdraw all or any one of the above grounds of appeal.”
Condonation of Delay :
2. Assessee has filed an Affidavit for condonation of Delay. We have perused the Affidavit and we found that there is a valid reason for delay, therefore, Delay is condoned.
Findings & Analysis :
We have heard both the parties and perused the records. Assessee is a Co-operative Credit Society engaged in the business of providing credit facility to its members. Assessee filed Return of Income for A.Y.2020-21 showing Gross Total Income of Rs.39,43,019/- and total income of Rs.Nil after claiming deduction of Rs.39,43,019/- under section 80P of the Income Tax Act, 1961. Assessee is duly registered with