BALASORE BHADRAK CENTRAL CO-OPERATIVE BANK LTD.,BALASORE vs. ACIT, BALASORE

ITA 132/CTK/2015Status: DisposedITAT Cuttack24 August 2017AY 2007-084 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the revision order under Section 263 was valid and within the CIT's jurisdiction, as previously upheld by a coordinate bench. Consequently, the consequential assessment order treating dividend income as taxable was also sustained.

What were the facts?

The assessee, a Central Cooperative Bank, had its assessment order revised under Section 263, leading to dividend income being treated as taxable. The assessee argued that dividend income from investments in other cooperative societies should be deductible under Section 80P(2)(d).

What were the issues?

Whether dividend income earned by a cooperative society from investments in other cooperative societies is deductible under Section 80P(2)(d) and the validity of a revision order under Section 263.

Which sections of the Income-tax Act were involved?

Section 263,Section 143(3),Section 80P(2)(d),Section 10(23F),Section 10(23FA),Section 10(34)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, CUTTACK BENCH CUTTACK

Before: SHRI N.S.SAINI, AM & SHRI PAVAN KUMAR GADALE, JM

Hearing: 21/08/2017Pronounced: 24/08/2017

Per Shri Pavan Kumar Gadale, JM: The assessee has filed an appeal against the order of CIT(A), Cuttack, dated 31.12.2014, passed in I.T.Appeal No.0206/2012-13, u/s.143(3)/263 of the Income Tax Act, 1961 for the assessment year 2007-2008, wherein the assessee has raised the following grounds :-

1.

The order of ld. CIT(A) Cuttack is erroneous in so far treating the dividend income as taxable ignoring the deductions available u/s.80P(2)(d).

2.

Ld. CIT(A) Cuttack in his order has treated that dividend income is taxable since it

The order continues below.

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