INCOME TAX OFFICER WARD-26(2)(1), MUMBAI, MUMBAI vs. STATE BANK OF INDIA EMPLOYEES M.S. PATEL CO-OP CREDIT SOCIETY LTD, MUMBAI

ITA 4853/MUM/2023Status: DisposedITAT Mumbai24 July 2024AY 2017-18Bench: SHRI AMARJIT SINGH (Accountant Member), SHRI RAHUL CHAUDHARY (Judicial Member)1 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the assessee society is entitled to the benefit of deduction under Section 80P(2)(a)(i) of the Act. Relying on various judicial precedents, including decisions of the Hon'ble Supreme Court and High Courts, it was concluded that the assessee, not being a primary cooperative bank and primarily dealing with its members, qualifies for the deduction.

What were the facts?

The assessee, a cooperative society, claimed deduction under Section 80P(2)(a)(i) of the Income Tax Act for AY 2017-18. The Assessing Officer (AO) denied the deduction, treating the assessee as a primary cooperative bank and disallowing the claim based on specific provisions related to banking income. The assessee appealed to the CIT(A), which allowed the appeal.

What were the issues?

Whether the assessee, a cooperative society engaged in granting credit facilities to its members and accepting deposits from them, is eligible for deduction under Section 80P(2)(a)(i) of the Income Tax Act, despite the AO's contention that it functions as a primary cooperative bank.

Which sections of the Income-tax Act were involved?

Section 80P(2)(a)(i),Section 2(24)(viia),Section 80P(4)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “C” BENCH, MUMBAI

Hearing: 14.05.2024Pronounced: 24.06.2024

PER AMARJIT SINGH, AM: The present appeal filed by the revenue are directed against the order passed by the CIT(A) NFAC for A.Y. 2017-18 of the Income Tax Act 1961. The revenue has raised the following grounds before us:

“1. Whether on the facts and circumstances of the case and in law, the Ld. CIT(A) was correct in allowing deduction u/s.80P(2)(a)(i) of the Income Tax Act without appreciating the fact that the assessee is engaged in business of granting credit o

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(2)(a)(i)

All 2,347 judgments and leading authorities on Section 80P(2)(a)(i) →

Recent GST High Court judgments

Search GST case law →