ANKLAV TALUKA EMPLOYEE CO.-OP. CREDIT AND CONSUMER SOCIETY LTD.,ANAND vs. THE INCOME TAX OFFICER, WARD-1(3)(2), ANAND

ITA 2331/AHD/2016Status: DisposedITAT Ahmedabad27 September 2017AY 2012-138 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal upheld the decision of the CIT(A) to tax interest income earned on deposits with nationalized banks under the head 'income from other sources'. This was based on the jurisdictional High Court's ruling that such interest is not directly attributable to the business of providing credit facilities to members.

What were the facts?

The assessee, a cooperative credit society, claimed deduction under Section 80P on its entire business income, including interest earned on deposits with banks. The Assessing Officer and CIT(A) restricted this deduction, treating interest from bank deposits as income from other sources.

What were the issues?

Whether interest earned by a cooperative credit society on deposits with banks is eligible for deduction under Section 80P, and if it should be treated as business income or income from other sources.

Which sections of the Income-tax Act were involved?

Section 80P

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Cases cited in this judgment(1)Show list

Detected automatically from the text. Citations are also linked where they appear in the judgment. The count shows how many other judgments on BharatTax rely on the same authority.

Income Tax Appellate Tribunal, “ SMC ” BENCH, AHMEDABAD loZJh egkohj izlkn] U;kf;d lnL; ,oa vejthr flag] ys[kk lnL; ds le{kA loZJh egkohj izlkn] U;kf;d lnL; ,oa vejthr flag]

Before: SHRI MAHAVIR PRASAD & SHRI AMARJIT SINGH

For Respondent: Shri Madhusudan, Sr.D.R
Pronounced: 27/09/2017

PER SHRI MAHAVIR PRASAD, JUDICIAL MEMBER :

This is an appeal by the assessee against the order of

The order continues below.

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