HIRA MANEK CO OPERATIVE HOUSING SOCIETY LIMITED ,MUMBAI vs. ITO WARD 34(2)(1), MUMBAI

ITA 8499/MUM/2025Status: DisposedITAT Mumbai02 February 2026AY 2021-221 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that interest income earned by a co-operative society from investments in co-operative banks is eligible for deduction under Section 80P(2)(d), as co-operative banks are considered co-operative societies. The Tribunal condoned the delay in filing the appeals.

What were the facts?

The assessee, a co-operative housing society, claimed deduction under Section 80P(2)(d) for interest income earned from deposits with co-operative banks. The Assessing Officer and CIT(A) disallowed this deduction.

What were the issues?

Whether interest income earned by a co-operative housing society from deposits in co-operative banks is deductible under Section 80P(2)(d) and whether the delay in filing the appeal should be condoned.

Which sections of the Income-tax Act were involved?

Section 80P(2)(d),Section 143(1),Section 234B,Section 234C

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Cases cited in this judgment(8)Show list

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Income Tax Appellate Tribunal, “H (SMC

Before: SHRI SANDEEP SINGH KARHAILSHRI BIJAYANANDA PRUSETH

For Appellant: Shri Rajesh Kumar Gandhi
For Respondent: Shri Pravin Salunkhe, Sr.DR

PER SANDEEP SINGH KARHAIL, J.M. The assessee has filed the present appeals against the separate impugned orders dated 24/11/2023 and 19/12/2023, passed under section 250 of the Income Tax Act, 1961 (“the Act”) by the learned Additional/Joint Commissioner of Income Tax (Appeals)–2, Indore [“learned Addl./Joint CIT(A)”], for the assessment years 2020-21 and 2021-22, respectively.

2.

The present appeals for the assessment years 2020-21 and 2021-22 are delayed by 679 days and 650 days, respectively. Along with both appeals,

ITAs No.8499 & 8500/Mum/2025 (A.Ys. 202

The order continues below.

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