SHREE MALGANGADEVI SAHAKARI PATPEDHI MARYADIT,MUMBAI vs. PRINCIPLE COMMISSIONER OF INCOME TAX 29, MUMBAI

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ITA 1074/MUM/2019Status: DisposedITAT Mumbai22 November 2019AY 2014-1526 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that interest income earned by a cooperative society on investments with cooperative banks is eligible for deduction under Section 80P(2)(d). The AO had applied his mind to the issue, and the PCIT's invocation of Section 263 was not appropriate.

What were the facts?

The assessee, a cooperative society, earned interest income on deposits made with cooperative banks. The Assessing Officer (AO) accepted the return, allowing deduction under Section 80P. The Principal Commissioner of Income Tax (PCIT) invoked Section 263, considering the AO's order erroneous and prejudicial to revenue.

What were the issues?

Whether interest income earned by a cooperative society on deposits with cooperative banks is eligible for deduction under Section 80P(2)(d) and if the PCIT's revisionary order under Section 263 was justified.

Which sections of the Income-tax Act were involved?

Section 80P,Section 263

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Cases cited in this judgment(9)Show list

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Income Tax Appellate Tribunal, “G”

Before: SHRI S. RIFAUR RAHMAN, AM & SHRI RAM LAL NEGI, JM

आदेशकीप्रनिनिनिअग्रेनर्ि/Copy of the Order forwarded to : 1. अपीलाथी/ The Appellant प्रत्यथी/ The Respondent 2.

Shree Malgangadevi Sahkari Patpedhi Maryadit

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