Case Law Details
Ghatal Co-operative Agriculture And Rural Development Bank Ltd. Vs ACIT (ITAT Kolkata)
Interest from staff welfare fund, interest income from staff loan, charges for closing flexi account and fine against non-payment of R/D amount due in time are eligible for deduction u/s 80P(2)(a)(i).
Assessee has claimed deduction of interest from staff welfare fund and interest income from staff loan totaling of Rs. 98971/- and also had earned miscellaneous income for Rs. 85047/- which represent amounts received from members for giving various services i.e. charges for closing flexi account, fine against non-payment of R/D amount due in time and those income has been duly reflected in its revenue income also. In such a situation, we viewed that income derived from such transactions are eligible for deduction u/s 80P(2)(a)(i) and the interest income earned by the assessee from staff welfare fund and miscellaneous income earned from various services provided to its members are beneficial to the members of the assessee. Therefore, we hold that assessee is eligible for claim deduction u/s 80P(2)(a)(i) of the Act.
FULL TEXT OF THE ORDER OF ITAT KOLKATA
This appeal filed by the assessee pertaining to A.Y. 2014-15 is directed against the order of ld. CIT(A) dated 30.03.2022 which is arising out of assessment order framed u/s 143(3) of the I.T. Act dated 31.12.2016. The assessee has taken the following grounds of appeal:
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