VIPRA VIVIDHODDESHA SOUHARDA SAHAKARI SANGHA NIYAMITHA,SHIVAMOGGA vs. INCOME TAX OFFICER, WARD-1 & TPS,, SHIVMOGA

ITA 1348/BANG/2024Status: DisposedITAT Bangalore03 September 2024AY 2022-23Bench: SHRI LAXMI PRASAD SAHU (Accountant Member)1 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal, following a coordinate bench decision, held that the assessee is eligible for deduction under Section 80P on interest income earned from cooperative banks. However, the issue of proportionate deduction based on members and non-members, and the applicability of certain circulars, required further examination by the AO.

What were the facts?

The assessee, a cooperative society registered under the Karnataka Souharda Sahakari Act, claimed deduction under Section 80P on its income. The Assessing Officer disallowed the deduction and treated the assessee as an AOP, while the CIT(Appeals) partially allowed the deduction on interest earned from cooperative banks not holding an RBI license.

What were the issues?

The primary issues were the eligibility of the assessee for Section 80P deduction as a society registered under the Karnataka Souharda Sahakari Act and the correct treatment of interest income earned from various investments.

Which sections of the Income-tax Act were involved?

Section 80P,Section 56,Section 143(3),Section 144B,Section 250,Section 251(2)

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Income Tax Appellate Tribunal, “C” BENCH : BANGALORE

Before: SHRI LAXMI PRASAD SAHU & SHRI SOUNDARARAJAN K., JUDCIIAL MEMBER

For Appellant: Shri Vivek A.R. Advocate
For Respondent: Shri V. Parithivel, Jt.CIT(DR)(ITAT), Bengaluru
Hearing: 21.08.2024Pronounced: 03.09.2024

Per Bench All these appeals are filed by the assessee against the order dated 21.05.2024, 13.05.2024 & 21.05.2024 of the CIT(Appeals), National Faceless Appeal Centre, Delhi [NFAC] for the AY 2018-19, 2020-21 & 2022-23 respectively.

2.

Since the issues raised in all the appeals are similar, we are first taking ITA No.1346/Bang/2024 for AY 2018-19 and the decision in this appeal shall mutatis mutandis apply to ITA Nos.1347 & 1348/Bang/2024. ITA Nos.1346 to 1348/Bang/2024 3. For the sake of brevity, we are reproducing the grounds raised for AY 2018-19 as und

The order continues below.

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