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Facts
The assessee, a co-operative credit society, earned interest income from short-term deposits. The Assessing Officer disallowed the deduction claimed under Section 80P of the Income Tax Act, treating the society as a co-operative bank not eligible for such deduction. The CIT(A) upheld the AO's order.
Held
The Tribunal held that interest income earned by a co-operative society from deposits is eligible for deduction under Section 80P(2)(a)(i) of the Act, as it is an integral part of the society's business. The Tribunal followed various judicial precedents, including decisions of the High Court and ITAT.
Key Issues
Whether interest income earned by a co-operative credit society on its deposits is eligible for deduction under Section 80P of the Income Tax Act.
Sections Cited
80P, 80P(2)(a)(i), 80P(2)(d), 250
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Income Tax Appellate Tribunal, PUNE BENCHES “A” :: PUNE
Before: DR.DIPAK P. RIPOTE & SHRI VINAY BHAMORE
आदेशक��ितिलिपअ�ेिषत / Copy of the Order forwarded to :
ITA No.162/PUN/2025 [A]