THE KARNATAKA STATE CO-OPERATIVE AGRICULTURE AND RURAL DEVELOPMENT BANK,BENGALURU vs. INCOME TAX OFFICER, WARD-5(2)(1), BANGALORE

ITA 1056/BANG/2023Status: DisposedITAT Bangalore29 April 2024AY 2015-1648 pages
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What did the Tribunal hold?

The Tribunal condoned the delay in filing the appeals, finding the reasons cited by the assessee to be bonafide and sufficient. The appeals will now be considered on merits.

What were the facts?

The assessee, a cooperative agriculture and rural development bank, claimed deductions under Section 80P(2)(a)(i)/(d) on interest income. The Assessing Officer disallowed this claim, holding that the assessee was engaged in banking and hit by Section 80P(4). The CIT(A) upheld the disallowance.

What were the issues?

Whether the assessee is eligible for deduction under Section 80P, and if the delay in filing the appeals should be condoned.

Which sections of the Income-tax Act were involved?

Section 80P(2)(a)(i),Section 80P(2)(d),Section 80P(4)

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Income Tax Appellate Tribunal, A BENCH : BANGALORE

Before: SHRI CHANDRA POOJARI & SMT BEENA PILLAI

For Appellant: Shri K. Sheshadri, CA &, Shri Bharadwaj Sheshadri
For Respondent: Shri D.K. Mishra, CIT – DR

PER BEENA PILLAI, JUDICIAL MEMBER Present appeals arise out of the following orders of the L.CIT(A) passed independently for Assessment Years 2012-13 to 2018-19 & 2020-21. The details of the impugned orders are as under: ITA Nos. 1052 to 1060/Bang/2023 Appeal No. ITA No.1053/Bang/2023 ITA No.1055/Bang/2023 ITA No.1057/Bang/2023 ITA No.1059/Bang/2023 Assessment Year 2012-13 2013-14

The order continues below.

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