Section 80P(2)(a)(i) of the Income Tax Act

Ordnance Factory Employees Co-Operative Credit Society Limited, Dehu Road, Pune vs. Income Tax Officer, Ward 9(3), Pune, Akurdi

In the result, appeal of the assessee is Partly Allowed

Bench: DR.DIPAK P. RIPOTE (Accountant Member), SHRI VINAY BHAMORE (Judicial Member)

Arth Nagari Sahkari Patsanstha Limited Nashik, Nashik vs. The ITO, Ward-1(1), Nashik

In the result, appeal of the assessee is allowed

Bench: Dr.Dipak P. Ripote & Shri Vinay Bhamoreआयकर अपील सं. / Ita No.2042/Pun/2024 िनधा"रण वष" / Assessment Year: 2017-18 Arth Nagari Sahakari V The Income Tax Officer, Patsanstha Limited, S Ward-1(1), Nashik. Gala No.4, Shanti Daya Society, Hirawadi Shakti Nagar, Panchavati, Nashik – 422003. Pan: Aacaa7908C Appellant/ Assessee Respondent / Revenue Assessee By Shri Prashant Shrishrimal – Ar Revenue By Shri Manoj Tripathi – Dr Date Of Hearing 26/11/2024 Date Of Pronouncement 27/11/2024 आदेश/ Order Per Dr. Dipak P. Ripote, Am: This Is An Appeal Filed By The Assessee Against The Order Of Ld.Commissioner Of Income Tax(Appeals)[Nfac] For Assessment Year 2017-18 Dated 01.08.2024 Passed U/Sec.250 Of The Income Tax Act, 1961. The Assessee Has Raised The Following Grounds Of Appeal : “1. On The Facts & In Law The Ld.Cit(A) Has Erred In Holding That Interest From Nationalized Bank Rs.3,13,518/- Is Not Eligible For Deduction U/S 80P(2)(A)(I) & Held It To Be Taxable Income Of The Society. 2. On The Facts & In Law The Ld.Cit(A) Has Erred In Assessing Gross Interest Received From Nationalized Bank As Income Without Allowing Expenditure For Earning The Said Interest Income On Pro-Rata Basis. 3. The Appellant Craves Leave To Add Alter Delete Above Or Any Other Ground/S Of Appeal.” Submission Of Ld.Ar : 2. Ld.Ar For The Assessee Submitted That Assessee Had Earned Interest Income Of Rs.3,13,518/- From Nationalized Bank. The Ao Has Disallowed Assessee’S Claim For Deduction U/Sec.80P(2)(A)(I) Of The Act & Held That Interest Income Shall Be Taxed Under The Head “Income From Other Sources”. Ld.Ar Relied On Following Decisions Of Itat Pune Bench :  Dcit Vs. Shree Parshwanath Nagari Sah. Pat Sanstha Ltd., In Ita No.265/Pun/2019, Dated 27.01.2022.  Baliraja Gramin Bigar Sheti Sahakari Patsanstha Maiyadit V. Ito

ACIT, Central Circle-2(3), Pune vs. Parshwanath Nagari Sahakari Parsanstha Maryadit, Satara

In the result, the appeal is dismissed

Bench: Shri Rama Kanta Panda & Ms. Astha Chandra

Veej Kamgar Co Operative Credit Society Ltd, Nanded vs. ITO Ward (1), Nanded

Bench: Dr.Dipak P. Ripote & Shri Vinay Bhamoreआयकर अपील सं. / Ita No.2080/Pun/2024 िनधा"रण वष" / Assessment Year: 2017-18 Veej Kamgar Co-Operative V The Income Tax Officer, Credit Society Ltd., S Ward-1, Nanded. Vidyut Bhavan, New Mondha, Nanded District, Nanded – 431602. Pan: Aaajv0065E Appellant/ Assessee Respondent / Revenue Assessee By None Revenue By Shri Manoj Tripathi - Dr Date Of Hearing 25/11/2024 Date Of Pronouncement 26/11/2024 आदेश/ Order Per Dr. Dipak P. Ripote, Am: This Is An Appeal Filed By The Assessee Against The Order Of Ld.Commissioner Of Income Tax(Appeals)[Nfac] For A.Y.2017- 18 Dated 18.01.2024 Passed U/Sec.250 Of The Income Tax Act, 1961. The Assessee Has Raised The Following Grounds Of Appeal : “1. That The Ld.Ao Erred In Passing The Assessment Order By Disallowing The Deduction Of The Assessee On The Grounds That The Assessee Is Not Eligible For Deduction Under Section 80(P)(A)(I) Of The Income Tax Act, 1961, On The Interest Income Received From Nationalized Banks & Assessed The Same As 'Income From Other Sources', Thereby Raising A Demand Of Rs.23,93,554/-. 2. That Ld.Cit(A) Has Erred By Confirming The Disallowance Of The Deduction Under Section 80P(2)(A)(I) Of The Income Tax Act, Amounting To Rs.23,93,554/- By The Ld. Ao. The Disallowance Was Based On The Ground That Interest Income Earned From State Bank Of Hyderabad Or Nationalised Banks By The Appellant Is Necessarily Required To Be Treated As Income Under The Head 'Income From Other Sources', Which Does Not Qualify For Deduction Under Either Section 80P(2)(A)(I) Or Section 80P(2)(D), Thereby Confirming A Demand Of Rs.23,93,554/-. 3. The Appellate Craves The Permission To Add, Amend, Modify, Alter, Revise, Substitute, Delete Any Or All Grounds Of The Appeal, If Deemed Necessary At The Time Of Hearing Of The Appeal.”

Swami Samarth Sahakari Bank Ltd, Akkalkot vs. Income Tax Officer Ward 2(3), Solapur

In the result, appeal of the assessee is allowed

Bench: DR.DIPAK P. RIPOTE (Accountant Member), SHRI VINAY BHAMORE (Judicial Member)