ITO-28.3.1, MUMBAI vs. VAIBHAV CO OP CREDIT SOCIETY, GHANSOLI

ITA 298/MUM/2024Status: DisposedITAT Mumbai28 May 2024AY 2021-22Bench: SHRI PAVAN KUMAR GADALE (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)16 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the assessee is a cooperative society and not a cooperative bank, and therefore, it is entitled to the deduction under Section 80P(2)(a)(i) on transactions with its members. The deduction under Section 80P(2)(d) was also allowed as the assessee does not fall under Section 80P(4).

What were the facts?

The assessee, a credit cooperative society, claimed deduction under Section 80P for interest income earned from deposits with a cooperative bank. The Assessing Officer disallowed this deduction, arguing that the assessee was a cooperative bank and Section 80P(4) restricted such deductions.

What were the issues?

Whether the assessee, a credit cooperative society, is eligible for deduction under Section 80P on interest income earned from a cooperative bank, and whether Section 80P(4) disallows this deduction.

Which sections of the Income-tax Act were involved?

Section 80P,Section 80P(4),Section 143(3),Section 154

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Income Tax Appellate Tribunal, “F” BENCH MUMBAI

Before: SHRI PAVAN KUMAR GADALE & SHRI GIRISH AGRAWAL

Hearing: 16.05.2024Pronounced: 28.05.2024

PER GIRISH AGRAWAL, ACCOUNTANT MEMBER:

The appeal filed by the Revenue in ITA No.44/Mum/2024is against the order of Ld. CIT(A), National Faceless Appeal Centre (NFAC), Delhi,vide order no.ITBA/NFAC/S/250/2023- 24/1057763170(1), dated 07.11.2023, passed against the assessment order by National E-Assessment Centre, Delhi u/s. 143(3) read with Vaibhav Co-op Credit Society, AY 2014-15, 2018-19 & 2021-22 sections 143(3A) & 143(3B)of the Income-tax Act (hereinafter referred to as the “Act”), dated 24.03.2021 for Assessment Year 2018-19. 1. 1. The appeal filed by the Revenue in ITA No.46/Mum/2024 is against the order of ld. CIT(A), NFAC, Delhi, vid

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