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80P Deduction Denied as Bank FD Interest Lacked Nexus with Credit Facilities: ITAT Chandigarh
Case Law Details
- Case Name
- Malan Co-operative Agricultural Service Society Vs ITO (ITAT Chandigarh)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2022-23
- Courts
- All ITAT, ITAT Chandigarh
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Malan Co-operative Agricultural Service Society Vs ITO (ITAT Chandigarh)
The appeal before the Income Tax Appellate Tribunal, Chandigarh Bench concerned the allowability of deduction under Section 80P(2)(a)(i) of the Income-tax Act, 1961, for Assessment Year 2022–23. The assessee, a co-operative agricultural service society registered in 1957, had claimed a deduction of ₹37,47,927 after declaring nil income. Its stated objects included encouraging thrift among members, accepting deposits, and providing short- and medium-term credit facilities for agricultural purposes.
During scrutiny, the...
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