THE GRAMIN SEVA SAHAKARI SAMITI MARYADIT,RAIPUR (CG) vs. THE INCOME TAX OFFICER 1(3), RAIPUR (CG)

ITA 31/BIL/2016Status: DisposedITAT Raipur22 October 2018AY 2011-1218 pages
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What did the Tribunal hold?

The Tribunal admitted additional evidence for the banking business issue and restored it to the AO for fresh adjudication. For PDS business, it restored the issue to the AO to verify proportionate expenses. For dividend income, it restored the issue to the AO to verify if the dividend-paying entity was a cooperative society.

What were the facts?

The assessee, a cooperative society, claimed deduction under Section 80P for income from banking business, PDS, and dividend. The Assessing Officer and CIT(A) disallowed these claims, treating some income as from 'other sources' and not eligible for deduction.

What were the issues?

Whether income from bank deposits and PDS activities are eligible for deduction under Section 80P, and whether dividend income from a cooperative bank is deductible.

Which sections of the Income-tax Act were involved?

Section 80P,Section 28,Section 56,Section 80P(2)(a)(i),Section 80P(2)(c)(i),Section 80P(2)(d)

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Income Tax Appellate Tribunal, RAIPUR BENCH : RAIPUR

Before: SHRI R.K. PANDA & MS SUCHITRA KAMBLE

For Appellant: Shri G.S. Agrawal, CA
For Respondent: Shri P.K. Mishra, CIT, DR, Shri Sanjay Kumar, DR
Hearing: 14.08.2018Pronounced: 22.10.2018

PER R.K. PANDA, AM: This appeal by the assessee is directed against the order dated 14th December, 2015 of the CIT(A)-I, Raipur, relating to Assessment Year 2011-12. 2. The ground of appeal No.1 raised by the assessee reads as under:- “1. Banking Business:

1.1.

That under the facts & the law the Ld. CIT (Appeals) erred in rejecting the deduct claimed by the appellant u/s 80 P(2)(a)(i) pertaining to its banking business amounting to Rs. 23,74,716/- as rejected by the ld AO. Prayed that Rs. 23,74,716/- is income from banking business & deduction be allowed.

1.2.

Without prejudice to above the Ld CIT(Appeals) further erred in not deducting the interest paid amoun

The order continues below.

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