PATHARE PRABHU CO OPERATIVE HOUSING SOCIETY LIMITED,MUMBAI vs. INCOME TAX OFFICER, WARD 22(2)(1), MUMBAI

ITA 2088/MUM/2024Status: DisposedITAT Mumbai24 July 2024AY 2014-15Bench: SHRI PRASHANT MAHARISHI (Accountant Member), SHRI SUNIL KUMAR SINGH (Judicial Member)7 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that co-operative banks are also co-operative societies. Therefore, interest earned from them by another co-operative society qualifies for deduction under Section 80P(2)(d). The assessee is not a co-operative bank and thus not excluded by Section 80P(4).

What were the facts?

The assessee, a co-operative housing society, claimed deduction under Section 80P(2)(d) for interest earned on fixed deposits with co-operative banks. The Assessing Officer disallowed this deduction, viewing the interest as income from sources other than business. The CIT(A) upheld this disallowance. The assessee appealed to the Tribunal.

What were the issues?

Whether interest income earned by a co-operative housing society from fixed deposits with co-operative banks is eligible for deduction under Section 80P(2)(d) of the Income-tax Act, 1961?

Which sections of the Income-tax Act were involved?

Section 80P(2)(a)(i),Section 80P(2)(d),Section 80P(4),Section 143(3),Section 143(2),Section 28(10),Section 2(27)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “K (SMC

For Appellant: Shri Prashant Chapekar, AR
For Respondent: Shri Rajneesh Yadav, DR
Hearing: 23.07.2024Pronounced: 24.07.2024

PER PRASHANT MAHARISHI, AM:

01.

ITA No. 2088/Mum/2024 is filed by Pathare Prabhu Co- Operative Housing Society Limited (assessee / appellant), for A.Y. 2014-15, against the appellate order passed by the National Faceless Appeal Centre, Delhi [the learned CIT (A)] dated 16th March, 2023, wherein the appeal filed by the assessee against the assessment order passed under Section 143(3) of the Income-tax Act, 1961 (the Act) by the Income Tax Officer, Ward 22(2)(5), Mumbai (the learned Assessing Officer) dated 21st November, 2016, was dismissed. The assessee is aggrieved with the Pathare Prabhu Co Operative Housing Society Limited; A.Y. 2014-15 same and has preferred the appeal raising following groun

The order continues below.

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