Primary Agricultural Credit Society Limited, Gouse Nagar vs. Income Tax Officers, Ward-1, Suryapet
Appeal is allowed in very terms
ITA 488/HYD/2021[2016-17]Status: DisposedITAT Hyderabad13 Apr 2022AY 2016-17
Bench: Shri S.S. Godara & Shri Laxmi Prasad Sahuassessment Year: 2016-17 Primary Agricultural Vs. The Income Tax Officer, Credit Society Limited, Ward – 1, Gousenagar, Suryapet. Nalgonda. Pan : Aacap0382R. (Appellant) (Respondent) Assessee By: Shri E.S. Ranganath. Revenue By: Shri T. Sunil Goutam. Date Of Hearing: 13.04.2022 Date Of Pronouncement: 13.04.2022 O R D E R Per S. S. Godara, J.M. This Assessee’S Appeal For A.Y. 2016-17 Arises From The Commissioner Of Income Tax (Appeals) – 3, Hyderabad’S Order Dated 24.02.2020 In Case No.10333/2018-19/A3/Cit(A)-3 Involving Proceedings U/S. 143(3) Of The Income Tax Act, 1961 [In Short, ‘The Act’]. Heard Both The Parties. Case File Perused. 2. It Transpires At The Outset That The Assessee’S Instant Appeal Referred Against The Cit(A)’S Order Dt.24.02.2020 Suffers From 580 Days Delay In Filing. There Is Hardly Any Dispute That All The Intervening Period From The Said Date Has Witnessed Outbreak Of Covid-19 Pandemic & Therefore, The Same Stands Condoned. The Case Is Now Taken Up For Adjournment On Merits.
For Appellant: Shri E.S. RanganathFor Respondent: Shri T. Sunil Goutam
Section 143(3)Section 80PSection 80P(2)
…2 3 4 5 6 7 8 9 10 11 12 13 14 15 4 We have given our thoughtful consideration to rival pleadings and find no merit in the Revenue’s stand. Hon’ble jurisdictional high court’s decision in The Vavveru Co-operative Rural Bank Limited Vs. CCIT, Vijayawada (2017) 396 ITR 371 (T & AP) has already decided the very issue of section 80P deduction on such interest income derived from deposits made in nationalized banks in assessee’s faovur as under : “32. In simple terms, the position can be summarized like this. If there is a Co-operative Society, which is carrying on several activities including those activities listed…
