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U/s 80P wins despite disallowance: ITAT calls interest provision issue tax-neutral for co-op society
Case Law Details
- Case Name
- Auto Nirvahakara Credit Co-operative Society Ltd. Vs ITO (ITAT Bangalore)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Bangalore
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Auto Nirvahakara Credit Co-operative Society Ltd. Vs ITO (ITAT Bangalore)
U/s 80P wins despite disallowance: ITAT calls interest provision issue tax-neutral for co-op society
The ITAT Bangalore dealt with disallowance of ₹14.20 lakh being provision for interest payable to members, made by the AO on the ground that the assessee followed a hybrid system of accounting—recognising interest income on cash basis while claiming interest expenditure on accrual basis.
The Tribunal did not go deep into the validity of the accounting method but accepted the assessee’s alternative a...
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