DILIP BALASAHEB BHOSALE,RATNAGIRI vs. INCOME TAX OFFICER, RATNAGIRI
आयकर अपीलीय अिधकरण ”एस एम सी” Ɋायपीठ पुणेमŐ।
IN THE INCOME TAX APPELLATE TRIBUNAL
PUNE BENCHES “SMC” :: PUNE
BEFORE DR.DIPAK P. RIPOTE, ACCOUNTANT MEMBER
AND SHRI VINAY BHAMORE, JUDICIAL MEMBER
आयकर अपील सं. / ITA No.1359/PUN/2024
िनधाᭅरण वषᭅ / Assessment Year: 2017-18
Dilip Balasaheb Bhosale,
Shevarvadi Lanja,
Ratnagiri – 416701. PAN: BJRPB7583G
V s
The Income Tax Officer,
Ratnagiri.
Appellant/ Assessee
Respondent / Revenue
Assessee by Shri Pramod S Shingte – AR
Revenue by Shri Harshit Dilip Bari – Addl.CIT(DR)
Date of hearing
23/01/2025
Date of pronouncement 29/01/2025
आदेश/ ORDER
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 01.05.2024 for A.Y.2017-18. The Assessee has raised the following grounds of appeal :
“1. On the facts and circumstances of the case and in law the CIT(A),
NFAC erred in confirming the addition made by the AO
Rs.22,19,140/- representing the total of cash deposits during demonetization period, rejecting the submissions made by the appellant.”
ITA No.1359/PUN/2024 [A]
Submission of ld.AR:
Ld.Authorised Representative for the Assessee filed an elaborate paper book which contains synopsis and case laws relied. Ld.AR explained that Assessee has earned interest income from Shri Panchganga Nagari Sahakari Bank Limited. Ld.AR further explained that the AO disallowed assessee’s claim of deduction under section 80P(2)(a) on the ground that the impugned interest is not earned from activity of providing credit facility to its members. Ld.AR further submitted that the AO has erred as the interest income has been earned from the main activity of assessee of providing credit facility to its members. As per Provisions of Maharashtra State Co-operative Societies Act, Assessee has to maintain the fixed deposits with Regional Sahakari Banks. Ld.AR further relied on following case laws : o ITAT Pune Decision in Jankalyan Multistate co-operative Credit Society Limited.
o ITAT Pune Decision in Sant Motiram Maharaj Sahakari Pat
Sanstha Ltd., o ITAT Pune Decision in Nashik Road Nagari SahkariPatsanstha
Limited.
ITA No.1359/PUN/2024 [A]
Submission of ld.DR:
The ld.DR for the Revenue relied on the order of Assessing Officer(AO) and ld.CIT(A).
Findings & Analysis :
We have heard both the parties and perused the records. As per the assessment order, Assessee is Co-operative Credit Society registered under Maharashtra Co-operative Societies Act. Ld.AR filed copy of the Registration Certificate dated 19.04.2001 issued by Deputy