SHREE SANT SAVTA GRAMIN BIGAR SETI SAHAKARI PATSANSTHA MARYADIT,PIMPALGAON vs. ASSESSING OFFICER, NASHIK

ITA 1597/PUN/2025Status: DisposedITAT Pune11 February 2026AY 2016-17Bench: DR.DIPAK P. RIPOTE (Accountant Member), SHRI VINAY BHAMORE (Judicial Member)17 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that interest income earned by a cooperative credit society from funds deposited with banks is eligible for deduction under Section 80P(2)(a)(i) as it is considered business income. The addition made by the Assessing Officer was directed to be deleted.

What were the facts?

The assessee, a cooperative credit society, earned interest income from fixed deposits with banks. The Assessing Officer disallowed the deduction claimed under Section 80P, treating the interest as income from other sources. The CIT(A) upheld this decision.

What were the issues?

Whether interest income earned by a cooperative credit society from bank deposits is eligible for deduction under Section 80P of the Income Tax Act.

Which sections of the Income-tax Act were involved?

Section 80P,Section 56,Section 144,Section 250,Section 271(1)(c),Section 271F

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Income Tax Appellate Tribunal, PUNE BENCHES “SMC” :: PUNE

Before: DR.DIPAK P. RIPOTE & SHRI VINAY BHAMORE

For Appellant: Shri Sanket Joshi (Virtual)
For Respondent: Shri Sadananda – JCIT
Hearing: 10/02/2026Pronounced: 11/02/2026

PER DR. DIPAK P. RIPOTE, AM: This is an appeal filed by the Assessee against the order of ld.Commissioner of Income Tax(Appeal)[NFAC], passed under section 250 of the Income Tax Act, 1961 for the A.Y.2016-17 dated 27.11.2024 emanating from the Assessment Order passed under section 144 of the I.T.Act, dated 05.03.2024. The Assessee has raised the following grounds of appeal :

ITA No.1597/PUN/2025 [A] “1. On the facts and in the prevailing circumstances of the case and in law, the learned CIT Appeal, erred in disallowing the deduction of Rs.10,90,953/- on accou

The order continues below.

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