DR JAGADALE MAMA HOSPITAL EMPLOYEES CO-OP CREDIT SOCIETY LTD.,SOLAPUR vs. PRINCIPAL COMMISSIONER OF INCOME-TAX - 4, PUNE

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ITA 208/PUN/2022Status: DisposedITAT Pune29 August 2022AY 2017-1811 pages

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

AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that interest income earned by a co-operative society from its investments in a co-operative bank is eligible for deduction under Section 80P(2)(d). The Tribunal followed favorable jurisdictional High Court decisions, reversing the PCIT's revision directions.

What were the facts?

The Principal CIT invoked Section 263, holding the Assessing Officer's acceptance of the assessee's Section 80P deduction claim on interest income from co-operative bank deposits as erroneous. The PCIT believed the AO failed to properly examine the principle of mutuality and the eligibility for deduction.

What were the issues?

Whether interest income earned by a co-operative society from deposits made in co-operative banks is eligible for deduction under Section 80P, and if the Assessing Officer's assessment was erroneous and prejudicial to revenue.

Which sections of the Income-tax Act were involved?

Section 80P,Section 263

AI-generated summary — verify with the full judgment below

Cases cited in this judgment(4)Show list

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Income Tax Appellate Tribunal, PUNE BENCH “A”, PUNE

Before: SHRI S.S. GODARA & DR. DIPAK P. RIPOTE

For Appellant: Shri Pratik Sandbhor
For Respondent: Shri Naveen Gupta

आदेश की प्रतिलिपि अग्रेपिि/Copy of the Order is forwarded to: अपीऱधर्थी / The Appellant; 1. प्रत्यर्थी / The Respondent; 2. 3. विभागीय प्रविविवि, आयकर अपीलीय अविकरण, पुणे “A” / DR „A‟, ITAT, Pune 4. गार्ड फाईल / Guard file आदेशानुसार/ BY ORDER, // True Copy // Senior Private Secretary आयकर अपीलीय अविकरण ,पुणे / ITAT, Pune

Date 1. Draft dictated on 16-08-2022 Sr.PS 2. Draft placed before author 17-08-2022 Sr.PS 3. Draft proposed & placed before the JM second member 4. Draft discussed/approved by Second JM Member. 5. Approved Draft comes to the Sr.PS/PS Sr.PS 6. Kept for pronouncement on Sr.PS 7. Date of uploading order Sr.PS 8. File sent to the Bench Clerk Sr.PS 9. Date on which 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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