K 637 PASUR PRIMARY AGRICULTURAL CO-OP CREDIT SOCIETY,ERODE vs. ITO, NCW2(3), ERODE

ITA 697/CHNY/2024Status: DisposedITAT Chennai13 June 2024AY 2012-13Bench: SHRI MAHAVIR SINGH, VICE PRESIDENTAND SHRI S.R. RAGHUNATHA (Accountant Member)7 pages
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What did the Tribunal hold?

The Tribunal held that 'B' class members, as defined under the Tamil Nadu Co-operative Societies Act, are considered 'associate members' and thus are also 'members' for the purpose of Section 80P. Therefore, the interest income earned from them is eligible for deduction.

What were the facts?

The assessee, a primary agricultural co-operative credit society, claimed deduction under Section 80P for interest income earned from 'B' class members. The AO disallowed this deduction, distinguishing 'B' class members from 'A' class members as they were non-shareholding and had limited rights.

What were the issues?

Whether interest income earned from 'B' class members (associate members) of a co-operative society is eligible for deduction under Section 80P, and if Section 80P(4) excludes such societies.

Which sections of the Income-tax Act were involved?

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

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Income Tax Appellate Tribunal, ‘B’ BENCH, CHENNAI

Before: SHRI MAHAVIR SINGHAND SHRI S.R. RAGHUNATHA

Hearing: 13.06.2024Pronounced: 13.06.2024

PER MAHAVIR SINGH, VICE PRESIDENT:

This appeal by the assessee is arising out of the order passed of the Addl/JCIT (A)-3, Mumbai in Order No.ITBA/APL/S/250/2023- 24/1060674565(1) dated 08.02.2024. The assessment was framed by the Income Tax Officer, Ward 2(3), Erode for the assessment year 2012-13 u/s.143(3) r.w.s.147 of the Income Tax Act, 1961 (hereinafter the ‘Act’) vide order dated 27.12.2019. 2. The only issue in this appeal of asse

The order continues below.

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