INCOME TAX OFFICER WARD-2, AHMEDNAGAR, AHAMEDNAGAR vs. KANIFNATH GRMAIN BIGAR SHETI SAHAKARIPATSANSTHA MARYADIT, , MALDAD

ITA 2271/PUN/2025Status: DisposedITAT Pune21 January 2026AY 2018-19Bench: DR.DIPAK P. RIPOTE (Accountant Member), SHRI VINAY BHAMORE (Judicial Member)24 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the interest earned on deposits maintained as per statutory requirements under the Maharashtra Co-operative Societies Act and RBI guidelines is business income and eligible for deduction under Section 80P(2)(a)(i). Consequently, the penalty levied was also deleted.

What were the facts?

The Revenue appealed against the deletion of additions made on account of interest income and a subsequent penalty. The assessee, a cooperative credit society, claimed deduction under Section 80P(2)(a)(i) on interest income earned from deposits with cooperative and other banks.

What were the issues?

Whether interest income earned by a cooperative credit society from its deposits with banks is attributable to its business and eligible for deduction under Section 80P(2)(a)(i), and whether the penalty levied under Section 270A is sustainable.

Which sections of the Income-tax Act were involved?

Section 80P,Section 80P(2)(a)(i),Section 80P(2)(d),Section 80P(4),Section 270A

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Cases cited in this judgment(12)Show list

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

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

For Appellant: Shri Pramod S Shingte – AR
For Respondent: Smt Neha Thakkar (Virtual)
Hearing: 19/01/2026Pronounced: 21/01/2026

PER BENCH : These two appeals filed by the Revenue against the separate orders of ld.Commissioner of Income Tax(Appeal)[NFAC],passed under section 250 of the Income Tax Act, 1961 for A.Y.2018- 19dated 01.07.2025 emanating from the Assessment Order dated 30.03.2021 under section 143(3) r.w.s. 143(3A) & 143(3B) of the Income Tax Act, 1961 and order under section 250 of the Income

ITA Nos.2270 & 2271/PUN/2025 [D]

Tax Act, 1961 dated 01.07.2025 emanating from penalty order u/s.270A dated 12.01.2022 for A.Y.2018-19. The Revenue in ITA No.2270/PUN/2025 has ra

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