GANGAKHED MULTISTATE CO OP. CREDIT SOCIETY LIMITED,PARBHANI vs. ITO, WARD, HINGOLI, HINGOLI

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ITA 1202/PUN/2024Status: DisposedITAT Pune20 August 2024AY 2018-19Bench: SHRI INTURI RAMA RAO (Accountant Member)2 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The Tribunal is modifying its previous order to include the attendance of the assessee's representative. The appeal concerns the deduction for interest income earned by a cooperative society from its members, an issue that has been settled by numerous prior decisions.

What were the facts?

This is a corrigendum to a previous ITAT order. It clarifies that the learned Authorized Representative for the assessee, Shri Digambar Surwase, was present during the proceedings. The core issue pertains to the allowability of deduction under Section 80P(2)(d).

What were the issues?

The primary issue is the allowability of deduction under Section 80P(2)(d) for interest income earned by a cooperative society from its members. The corrigendum itself is a procedural correction.

Which sections of the Income-tax Act were involved?

Section 80P(2)(d)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, PUNE BENCH “SMC”, PUNE

Before: SHRI INTURI RAMA RAO

For Appellant: Shri Digambar Surwase

This corrigendum is being issued to correct the inadvertent error in the Tribunal order dated 14.08.2024 in not mentioning the attendance of Shri Digambar Surwase, learned Authorised Representative for the assessee. Therefore, the name of Shri Digambar Surwase, Chartered Accountant is treated as appeared on behalf of the assessee. In view thereof, para No. 5 of the Tribunal order dated 14.08.2024 stands deleted and Para No.7 be read as under : “7. I heard the rival submissions and perused the relevant material on record. The issue in the present appeal relates to the allowability of deduction u/s.80P(2)(d) in respect of interest income earned by a Cooperative Society formed with the object of accepting deposits from Members and lending money to its Members, which is no more res integra in view of catena of decisions passed by this Bench on this very issue.”

2.

To this extent, the order stands modified. Ordered accordingly.

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