KAIGA PROJECT EMPLOYEES THRIFT AND CREDIT SOCIETY,KARWAR vs. INCOME TAX OFFICER, WARD - 2, KARWAR

ITA 62/PAN/2025Status: DisposedITAT Panaji28 November 2025AY 2015-16Bench: SHRI PAVAN KUMAR GADALE (Judicial Member), SHRI G. D. PADMAHSHALI (Accountant Member)36 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The tribunal held that cooperative societies registered under relevant acts are eligible for deduction under Section 80P(2)(a)(i) even if they deal with nominal/associate members. Interest earned from cooperative banks is deductible under Section 80P(2)(d), but interest from nationalized banks is not.

What were the facts?

Several cooperative societies filed appeals challenging the denial of deduction under Section 80P. The key issues involved the treatment of different member classes, interest income from deposits with cooperative and other banks, and the applicability of Section 80P(4).

What were the issues?

Whether cooperative societies dealing with nominal/associate members and earning interest from various banks are eligible for deduction under Section 80P, and the applicability of Section 80P(4).

Which sections of the Income-tax Act were involved?

Section 80P,Section 80P(2)(a)(i),Section 80P(2)(d),Section 80P(4),Section 68

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Cases cited in this judgment(18)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.

Akshaya Co-Op credit society Limited & others.

IN THE INCOME TAX APPELLATE TRIBUNAL, PANAJI BENCH, PANAJI BEFORE SHRI PAVAN KUMAR GADALE, JUDICIAL MEMBER & SHRI G. D. PADMAHSHALI ACCOUNTANT MEMBER

Assessee S. Appeal No PAN of the Asst Yr Appellant Respondent Represented No. (ITA) Assessee by ITO, Wd 2, 1 158/PAN/2023 2014-15 Karwar ITO, Wd 1, 2 159/PAN/2023 2017-18 Karwar Akshaya Co-op Ms. Shree ITO Wd 2, 3 160/PAN/2023 2018-19 Credit Society AAAAA3196N Raksha D Karwar Limited National Faceless e- 4 161/PAN/2023 2020-21 Assessment centre, Delhi

5 255/PAN/2024 2015-16 ITO, Wd 2(4), Panaji 6 285/PAN/2024 2016-17 VPK Urban Co-op Mr. Shyam J AAAJV0180G Credit Society Kamat ITO, Wd 1(3), 7 286/PAN/2024 2017-18 Panaji ITO, Cir 1(3), 8 287/PAN/2024 2018-19 Panaji

National Faceless e- 9 151/PAN/2024 2018-19 Samarth Urban Co- Assessment Mr. Pramod Y op Credit Society AAABS0828C centre, Delhi Vaidya Limited ITO, Wd 6, 10 152/PAN/2024 2020-21 Belgaum

Akshaya Co-Op credit society Limited & others.

Assessee S. Appeal No Asstt PAN of the Appellant Respondent Represented No. (ITA) Year Assessee by 11 179/PAN/2024 2018-19 Shri Basaveshwar Urban Co-op ITO Ward-1, Mr. Chetan AAF

The order continues below.

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