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Income Tax Appellate Tribunal, NAGPUR “SMC” BENCH : NAGPUR
Before: SHRI SATBEER SINGH GODARA
[THROUGH VIRTUAL HEARING AT PUNE] BEFORE SHRI SATBEER SINGH GODARA, JUDICIAL MEMBER I.T.A.No.227/NAG./2023 Assessment Year 2014-2015 Neeri Cooperative Credit The Income Tax Officer, Society Limited, Neeri, Ward-1(4), Aaykar Wardha Road, Nagpur. vs. Bhavan, Civil Lines, PIN – 440 022 Nagpur – 440 001. PAN AAAAN8213D Maharashtra. Maharashtra (Appellant) (Respondent) -None- For Assessee : For Revenue : Shri Abhay Y Marathe, Sr.DR Date of Hearing : 18.03.2024 Date of Pronouncement : 21.03.2024 ORDER PER SATBEER SINGH GODARA, J.M. This assessee’s appeal for assessment year 2014-2015, arises against the National Faceless Appeal Centre [in short the “NFAC”] Delhi’s Din and Order No. ITBA/NFAC/S/250/2022- 23/1049664354(1), dated 13.02.2023, involving proceedings u/s. 143(3) of the Income Tax Act, 1961 (in short “the Act”).
Case called twice. None appears at assessee’s behest. It is accordingly heard ex-parte.
It emerges during the course of hearing at the outset that there is hardly any need for us to delve with the relevant factual matrix at length once it has come on record that both the learned lower authorities, more particularly, the Assessing Officer, had 2 ITA.No.227/NAG./2023 disallowed the assessee’s sec.80P deduction interest income of Rs.1,14,079/- received from State Bank of India. Both the learned lower authorities hold that the above stated bank interest is not eligible since not derived from co-operative society. We find that case law [2017] 396 ITR 371 [AP] The Vavveru Co-operative Rural Bank Ltd. vs. CCIT has already settled the issue that interest income from nationalized banks also qualifies for the impugned sec.80P deduction.
I accordingly adopt the impugned sec.80P deduction in principle and leave it open for the learned Assessing Officer to finalise his consequential computation as per law. Ordered accordingly. Allowed.
Order pronounced in the open Court on 21.03.2024.