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Case Law Details

Case Name : Kai Fakira Jairam Patil Vs ITO (ITAT Pune)
Appeal Number : ITA No. 553/PUN/2023
Date of Judgement/Order : 25/05/2023
Related Assessment Year : 2020-21
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Kai Fakira Jairam Patil Vs ITO (ITAT Pune)

In a recent decision, the Income Tax Appellate Tribunal (ITAT) Pune ruled in the case of Kai Fakira Jairam Patil vs. ITO that cooperative societies are eligible to claim deductions under Sections 80P(2)(a)i) and 80P(2)(d) of the Income Tax Act for interest income derived from surplus funds deposited in cooperative banks and scheduled banks. This article provides a detailed analysis of the ruling and its potential implications.

Surplus Fund deposits

The appeal case was initiated after the National Faceless Appeal Centre (NFAC), Delhi denied the deduction on interest income earned from cooperative bank deposits by a cooperative society. Despite this, ITAT Pune, by citing previous judgments, challenged the validity of the lower authorities’ reasoning. The Tribunal clarified that a cooperative bank qualifies as a cooperative society, thereby making the interest income eligible for deduction under the Income Tax Act’s aforementioned sections.

FULL TEXT OF THE ORDER OF ITAT PUNE

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