MARIGOLD MERIDIAN CO-OPERATIVE HOUSING SOCIETY LTD,MUMBAI vs. ITO WARD-41(2)(3), MUMBAI

ITA 9070/MUM/2025Status: DisposedITAT Mumbai05 March 2026AY 2020-21Bench: SHRI RAHUL CHAUDHARY (Judicial Member), SHRI BIJAYANANDA PRUSETH (Accountant Member)1 pages
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What did the Tribunal hold?

The ITAT noted that the CIT(A) had not properly considered the evidence and submissions, and that the issue of deduction under Section 80P(2)(d) is debatable. The Tribunal also observed that the reliance on Totagar's case might be misplaced as it pertained to a different subsection. The revenue's counsel had no objection to the matter being set aside.

What were the facts?

The assessee, a cooperative housing society, claimed deduction under Section 80P(2)(d) for AY 2021-22 on interest earned from deposits with cooperative banks. The CPC disallowed this deduction, and the CIT(A) upheld the disallowance, citing Section 80P(4) and the Supreme Court decision in Totagar's case. The assessee appealed to the ITAT.

What were the issues?

Whether interest income earned by a cooperative housing society from deposits with cooperative banks is eligible for deduction under Section 80P(2)(d), and whether Section 80P(4) and the decision in Totagar's case preclude such a deduction.

Which sections of the Income-tax Act were involved?

Section 80P(2)(d),Section 80P(4),Section 250,Section 143(1)(a)(ii),Section 154,Section 156,Section 220(1)

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Cases cited in this judgment(2)Show list

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Before: SHRI RAHUL CHAUDHARY & SHRI BIJAYANANDA PRUSETH

For Appellant: Shri Rahul Parekh
For Respondent: Ms. Deepika Arora (SR DR)
Hearing: 04.03.2026Pronounced: 05.03.2026

PER BIJYANANDA PRUSETH, AM:

These three appeals filed by the assessee emanate from the orders passed

under section 250 of the Income-tax Act, 1961 (in short, ‘Act’), all dated

06.11.

2025, by the Addl/JCIT Commissioner of Income-Tax (Appeals)-2,

Coimbatore [in short, ‘CIT(A)’] for the assessment years (AY) 2018-19, 2020-21

and 2021-22. Since facts and grounds for three appeals are similar, with the consent of both parties, the appeals were clubbed and heard together and a (AY 2018-19, 2020-21, 2021-22) Marigold Meridian Co-operative Housing Society Limited

common order is

The order continues below.

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