SHUBHAM NAGRI SAHAKARI PATSANSTHA MARYADIT,MUMBAI vs. PR.CIT-29, MUMBAI

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ITA 7431/MUM/2018Status: DisposedITAT Mumbai18 July 2019AY 2013-1414 pages
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What did the Tribunal hold?

The Tribunal held that interest income earned by a cooperative society on its investments with cooperative banks is eligible for deduction under Section 80P(2)(a)(i) as it pertains to the business of providing credit facilities. The Pr. CIT wrongly exercised revisional jurisdiction.

What were the facts?

The assessee, a cooperative society, claimed deduction under Section 80P for interest earned on deposits with cooperative banks and service charges from members. The Pr. CIT initiated revision proceedings under Section 263, holding the assessment order erroneous and prejudicial to revenue.

What were the issues?

Whether interest income earned by a cooperative society from deposits in cooperative banks is deductible under Section 80P(2)(a)(i), and if the Pr. CIT correctly exercised revisional powers under Section 263.

Which sections of the Income-tax Act were involved?

Section 80P,Section 263,Section 143(3)

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Cases cited in this judgment(6)Show list

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Income Tax Appellate Tribunal, MUMBAI BENCHES “G”, MUMBAI

Before: SHRI RAJESH KUMAR (AM) & SHRI RAM LAL NEGI (JM)

For Appellant: Shri Ravindra Naik (AR)
For Respondent: Shri Rahul Raman (CIT DR)
Hearing: 01/05/2019Pronounced: 18/07/2019

आदेश प्रतितिति अग्रेतिि/Copy of the Order forwarded to : अपील र्थी / The Appellant 1. प्रत्यर्थी / The Respondent. 2. आयकर आय क्त(अपील) / The CIT(A)- 3. आयकर आय क्त / CIT 4. 5. दिभ गीय प्रदिदनदि, आयकर अपीलीय अदिकरण, म ुंबई / DR, ITAT, Mumbai ग र्ड फ ईल / Guard file. 6.

1038/ MUM/2019 Assessment Years: 2013-14 and 2014-15

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