INCOME TAX OFFICER, WARD 1(1), NASHIK, NASHIK vs. SWA ASHOKRAO BANKAR NAGARI SAHAKARI PATSANSTHA MARYADIT, NASHIK

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ITA 58/PUN/2024Status: DisposedITAT Pune14 May 2024AY 2020-21Bench: SHRI R. K. PANDA (Vice President), SHRI VINAY BHAMORE (Judicial Member)10 pages

In favour of the assessee: the Revenue's appeal was dismissed. From the AI summary of this appeal.

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the issue of allowing deduction under Section 80P for interest income earned by a co-operative society from banks is a settled matter in favour of the assessee, based on previous decisions in the assessee's own case and other co-ordinate bench rulings.

What were the facts?

The assessee, a credit co-operative society, claimed deduction under Section 80P for interest income earned from deposits in various banks. The Assessing Officer disallowed this deduction, treating the interest as income from other sources. The CIT(A) allowed the deduction.

What were the issues?

Whether interest income earned by a co-operative society from deposits in banks is eligible for deduction under Section 80P of the Income Tax Act.

Which sections of the Income-tax Act were involved?

Section 80P,Section 57

AI-generated summary — verify with the full judgment below

Cases cited in this judgment(9)Show list

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

Before: SHRI R. K. PANDA & SHRI VINAY BHAMORE

For Appellant: Shri Pramod S Shingte
For Respondent: Shri Sourabh Nayak, Addl.CIT

आदेश की प्रतितिति अग्रेतिि/Copy of the Order is forwarded to:

1.

अपीलार्थी / The Appellant; 2. प्रत्यर्थी / The Respondent 3. The concerned Pr.CIT, Pune 4. DR, ITAT, ‘B’ Bench, Pune 5. गार्ड फाईल / Guard file. आदेशानुसार/ BY ORDER, // True Copy // Senior Private Secretary आयकर अपीलीय अधिकरण ,पुणे / ITAT, Pune

S.No. Details Date Initials Designation 1 Draft dictated on 06.05.2024 Sr. PS/PS 2 Draft placed before author 08.05.2024 Sr. PS/PS Draft proposed & placed before the 3 JM/AM Second Member Draft discussed/approved by Second 4 AM/AM Member 5 Approved Draft comes to the Sr. PS/PS Sr. PS/PS 6 Kept for pronouncement on Sr. PS/PS 7 Date of uploading of Order Sr. PS/PS 8 File sent to Bench Clerk Sr. PS/PS Date on which the file goes to the Head 9 Clerk 10 Date on which file goes to the A.R. 11 Date of Dispatch of order

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