CIDCO EMPLOYEES CO-OP. CREDIT SOCIETY LTD,NAVI MUMBAI vs. WARD 28(1)(3), NAVI MUMBAI

ITA 700/MUM/2024Status: DisposedITAT Mumbai07 August 2024AY 2020-21Bench: SHRI ANIKESH BANERJEE (Judicial Member), SHRI GAGAN GOYAL (Accountant Member)1 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The Tribunal allowed the appeal for statistical purposes, restoring several issues to the Assessing Officer for verification. It held that the assessee should be treated as a cooperative society and not a bank, and that the deduction under Section 80P should be considered in light of this.

What were the facts?

The assessee, a cooperative credit society, claimed deduction under Section 80P. The Assessing Officer disallowed the deduction on interest income and made several other additions. The CIT(A) upheld the AO's order.

What were the issues?

Whether interest income earned by a cooperative credit society is eligible for deduction under Section 80P, and the validity of various additions made by the Assessing Officer.

Which sections of the Income-tax Act were involved?

Section 80P,Section 40(a)(ia),Section 37,Section 36(1)(via),Section 234B,Section 234C,Section 271(1)(c)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, MUMBAI BENCH “C”, MUMBAI

Before: SHRI ANIKESH BANERJEE & SHRI GAGAN GOYAL

For Appellant: Shri Bhupendra Shah, Ld. AR
For Respondent: Shri H. M. Bhatt, Ld. DR
Hearing: 12/06/2024Pronounced: 07/08/2024

PER GAGAN GOYAL, A.M: This appeal by assessee is directed against the order of National Faceless Appeal Centre (for short “NFAC”) dated 18.12.2023 u/s. 250 of the Income Tax Act, 1961 (in short ‘the Act’) for A.Y. 2020-21. The assessee has raised the following grounds of appeal: -

1(a). On the facts and in circumstances of the cases and in law, the Id. CIT (A)-NFAC erred in passing the order u/s. 250 of the Income Tax Act, 1961 and upholding the order of the Id. assessing officer.

2 CIDCO Employees Co-Op. Credit Society

1(b). The Id. CIT(A)-NFAC had erred in upholding the view of the Ld. assessing officer and hence disallowing the whole amount of profits and gains of Rs. 67,11,597/- which had bee

The order continues below.

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