THE SALESTAX EMPLOYEES CO.OP. CREDIT SOCIETY LIMITED,AHMEDABAD vs. THE ACIT, CIRCLE-1(3), AHMEDABAD

ITA 612/AHD/2024Status: DisposedITAT Ahmedabad30 July 2024AY 2017-18Bench: Shri Ramit Kochar (Accountant Member)20 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The Tribunal condoned the delay in filing the appeal, allowing it to be heard on merits. It held that interest income earned from deposits with co-operative banks would be eligible for deduction under Section 80P(2)(d), subject to verification by the AO. However, interest income from savings bank accounts with Axis Bank was not allowed as a deduction.

What were the facts?

The assessee's appeal was filed 111 days late due to a pending rectification application. The rectification application was filed because the CIT(A) mistakenly identified the source of interest income, leading to the dismissal of the assessee's appeal. The Tribunal condoned the delay, citing bonafide reasons and the principle of substantial justice.

What were the issues?

Whether the delay in filing the appeal should be condoned, and whether interest income earned from co-operative banks and savings bank accounts is eligible for deduction under Section 80P.

Which sections of the Income-tax Act were involved?

Section 80P,Section 154,Section 253(3),Section 143(3)

AI-generated summary — verify with the full judgment below

Cases cited in this judgment(7)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, AHMEDABAD “SMC” BENCH

Before: Shri Ramit Kochar

For Appellant: Shri Pradeep G Tulsian, AR
For Respondent: Shri Sanjay Jain, Sr. D.R

This appeal in ITA No. 612/Ahd/2024 for assessment year 2017-18 is filed by the assessee before Income Tax Appellate Tribunal, Ahmedabad Bench, Ahmedabad , which has arisen from the appellate order dated 16-10-2023 in DIN A.Y. 2017-18 Page No. 2 The Sales Tax Employees Co.Op. Credit Society ltd. v. ACIT

& Order No. ITBA/APL/S/250/2023-24/1057104725(1) passed by ld. Commissioner of Income-Tax(Appeals),Addl/ JCIT(A),2 Coimbatore u/s 250 of the Income-tax Act, 1961, which in turn has arisen from the assessment order dated 17- 12-2019 passed by learned Assessing Officer u/s. 143(3) of the Income-tax Act, 1961(Order No. ITBA/AST/S/143(3)/2019- 20/10

The order continues below.

Read the full judgment

A free account opens 10 full judgments a month. Re-reading one you have already opened does not count again.

Create a free accountSign in

See plans and prices

The summary, the parties, the sections and the citations above are open to everyone and always will be. Only the text of the order and the PDF are metered.

More judgments on Section 80P

All 5,069 judgments and leading authorities on Section 80P →

Recent GST High Court judgments

Search GST case law →