Sant Motiram Maharaj Sahakari Pat. Sanstha Ltd, Parbhani vs. Income-Tax Officer, Ward - Parbhani, Parbhani
In the result, the appeal is allowed
ITA 826/PUN/2019[2014-15]Status: DisposedITAT Pune23 Sept 2020AY 2014-15
Bench: Shri R.S. Syal & Shri S.S. Viswanethra Raviिनधा"रण वष" / Assessment Year : 2014-15 Sant Motiram Maharaj Sahakari Vs. Ito, Pat Sanstha Ltd., Ward Chate Building, New Mondha, Parbhani Near Sbh, Gangakhed, Dist. Parbhani, Maharashtra – 431 514 Pan : Aadas3137Q Appellant Respondent Assessee By Smt. Deepa Khare Revenue By Shri Deepak Garg Date Of Hearing 16-09-2020 Date Of Pronouncement 23-09-2020 आदेश / Order Per R.S.Syal, Vp : This Appeal By The Assessee Emanates From The Order Dated 28-03-2019 Passed By The Pr. Commissioner Of Income-Tax-1, Aurangabad U/S.263 Of The Income-Tax Act, 1961 (Hereinafter Also Called ‘The Act’) In Relation To The Assessment Year 2014-15. 2. Succinctly, The Facts Of The Case Are That The Assessee Is A Credit Co-Operative Society Providing Credit Facility To Its Members. A Return Was Filed Declaring Nil Income. Assessment U/S 143(3) Of 2 Sant Motiram Maharaj Sah. Pat Sanstha Ltd.
Section 143(3)Section 244ASection 263Section 80PSection 80P(1)Section 80P(2)Section 80P(2)(a)Section 80P(2)(d)
…34/- received by the assessee on refunds u/s.244A of the Act. We find that this issue is fully and directly covered by the Special Bench order passed by the Mumbai benches of the Tribunal in the case of Maharashtra State Cooperative Bank Ltd. Vs. ACIT (2010) 129 TTJ 521 (SB) (Mumbai) holding that interest on income-tax refund u/s.244A is covered within the expression “profits and gains of business” occurring in section 80P(2)(a) and ergo eligible for deduction u/s.80P(2)(a)(i) of the Act. Albeit interest amounting to Rs.2,334/- received u/s.244A of the Act is chargeable to tax but at the same time the same…
