AURANGABAD DIVISION LIFE INSURANCE EMPLOYEES CO-OP CREDIT SOCIETY LTD,AURANBAD vs. ITO, WARD-1(1), AURANGABAD, AURANGABAD

ITA 3175/PUN/2025Status: DisposedITAT Pune10 February 2026AY 2020-21Bench: DR.DIPAK P. RIPOTE (Accountant Member), SHRI VINAY BHAMORE (Judicial Member)17 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the interest income earned by the cooperative credit society from its deposits is eligible for deduction under Section 80P(2)(a)(i) as it is considered business income. The Assessing Officer was directed to delete the addition.

What were the facts?

The assessee, a cooperative credit society, claimed deduction under Section 80P(2)(a)(i) on interest income earned from bank deposits. The Assessing Officer disallowed this deduction, treating the interest as income from other sources.

What were the issues?

Whether interest income earned by a cooperative credit society from bank deposits is eligible for deduction under Section 80P(2)(a)(i) of the Income Tax Act.

Which sections of the Income-tax Act were involved?

Section 80P,Section 56,Section 143(3),Section 144B,Section 250

AI-generated summary — verify with the full judgment below

Cases cited in this judgment(15)Show list

Detected automatically from the text. Citations are also linked where they appear in the judgment. The count shows how many other judgments on BharatTax rely on the same authority.

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

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

For Appellant: CA Payal Rathi (Virtual)
For Respondent: Shri Sadananda – JCIT
Hearing: 09/02/2026Pronounced: 10/02/2026

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.2020-21 dated 24.09.2025 emanating from the Assessment Order passed under section 143(3) read with section 144B of the Income Tax Act, 1961,

ITA No.3175/PUN/2025 [A] dated 06.09.2022. The Assessee has raised the following grounds of appeal : “On the facts and in the prevailing circumstances of the case and in Law, th

The order continues below.

Read the full judgment

A free account opens 10 full judgments a month. Re-reading one you have already opened does not count again.

Create a free accountSign in

See plans and prices

The summary, the parties, the sections and the citations above are open to everyone and always will be. Only the text of the order and the PDF are metered.

More judgments on Section 80P

All 5,069 judgments and leading authorities on Section 80P →

Recent GST High Court judgments

Search GST case law →