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Relief for Co-op Credit Societies – Totgars Distinguished- Bank Deposit Interest Not Taxable as Other Sources
Case Law Details
- Case Name
- West Central Railway Employees Co-operative Credit Society Limited Vs ITO (ITAT Jaipur)
- 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 Jaipur
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West Central Railway Employees Co-operative Credit Society Limited Vs ITO (ITAT Jaipur)
Relief for Co-op Credit Societies – Totgars Distinguished- Bank Deposit Interest Not Taxable as Other Sources
Background
Assessee, a credit co-operative society, provides loans to its members.
It claimed deduction u/s 80P(2)(a)(i) on entire surplus, including interest earned from bank FDs & deposits with financial institutions.
AO disallowed deduction on such interest, treating it as “Income from Other Sources” u/s 56, relying on Totgars’ Co-op Sale Society Ltd. (SC).
For AY 2017-18, disallowan...
Author Info
