INCOME-TAX OFFICER, WARD - 5, PANVEL vs. KESHAVSMRUTI NAGARI SAHAKARI PAT. LTD, PANVEL

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ITA 925/PUN/2018Status: DisposedITAT Pune21 September 2022AY 2010-1111 pages

In favour of the assessee: the Revenue's appeal was dismissed. From the AI summary of this appeal.

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that since the assessee was entitled to deduction under Section 80P, any disallowance of expenses would lead to an enhancement of business income eligible for such deduction. Therefore, the CIT(A) was correct in reversing the Assessing Officer's addition.

What were the facts?

The Revenue appealed against the CIT(A)'s decision to allow the assessee's claim for provision for interest expenses. The assessee, a cooperative society, followed the mercantile system of accounting and claimed these provisions on an accrual basis.

What were the issues?

Whether provision for interest expenses, when claimed by a cooperative society eligible for Section 80P deduction, should be disallowed. The impact of such disallowances on the eligible deduction under Section 80P.

Which sections of the Income-tax Act were involved?

Section 80P(2)(a)(i),Section 143(3),Section 147

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “B” BENCH, PUNE

Before: SHRI S.S.GODARA, JM & SHRI DR. DIPAK P. RIPOTE, AM

For Appellant: Shri Nikhil Pathak
For Respondent: Shri M.G. Jasnani
Hearing: 18.07.2022Pronounced: 21.09.2022

आदेश की प्रधतधलधप अग्रेधषत / Copy of the Order forwarded to : अपीलाथी / The Appellant. 1. प्रत्यथी / The Respondent. 2. 3. The CIT(A)-2, Thane. 4. The Pr.CIT-2, Thane. धवभागीय प्रधतधनधध, आयकर अपीलीय अधधकरण, “बी” बेंच, 5. पुणे / DR, ITAT, “B” Bench, Pune. गार्ा फ़ाइल / Guard File. आदेशानुसार / BY ORDER, 6. // True Copy // Senior Private Secretary आयकर अपीलीय अधधकरण, पुणे / ITAT, Pune.

Keshavsmruti Nagari Sahakari Patsanstha Ltd., S.No. Details Date Initials 1 Draft dictated on 18.07.2022 2 Draft placed before author 05.09.2022 Draft proposed & placed before the Second 3 Member 4 Draft discussed/approved by Second Member 5 Approved Draft comes to the Sr. PS/PS 6 Kept for pronouncement on 7 Date of uploading of Order 8 File sent to Bench Clerk 9 Date on which the file goes to the Head Clerk 10 Date on which file goes to the A.R. 11 Date of Dispatch of order

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