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ITO Vs Shivsahyadri Sahakari Pathpedhi (ITAT Mumbai) – Credit co-operative society investments in co-operative bank claimed as allowable u/s. 80P(2) because co-operative banks are also registered under co-operative society
In the matter abovementioned ITAT Pune after relying upon the decision of jurisdictional HC held that assessee was eligible for deduction u/sec.80P(2)(a) (i) on the Interest earned by assessee.
The assessee filed return for AY 2017-18 declaring Nil income after claiming deduction under Chapter VIA at Rs.13,48,854/- while claiming business loss at Rs.3,56,511/-. Case was selected for scrutiny.
ITAT Ahmedabad held that interest received by co-operative society from SBI, which is a Nationalized Bank, is not allowable as per the section 80(P) of the Income Tax Act. Accordingly, AO directed to carry out proper adjudication and verification.
ITAT Ahmedabad held that co-operative society is eligible for deduction under section 80P(2)(d) of the Income Tax Act towards interest income earned from investment in other co-operative bank. Accordingly, deduction allowed and appeal by revenue dismissed.
Kerala High Court held that penalty under section 271B of the Income Tax Act, for non-compliance with provisions of section 44AB, not imposable since reasonable cause for belated filing of audit report established.
ITAT Nagpur held that interest income earned by co-operative society from its investments made with other co-operative bank is eligible for deduction under section 80P(2)(a)(i) of the Income Tax Act. Accordingly, appeal of the assessee allowed.
ITAT Ahmedabad held that interest income earned from deposits with co-operative banks is allowable as deduction under section 80P(2)(d) of the Income Tax Act. Accordingly, the appeal is allowed.
ITAT Kolkata held that CIT(A) rightly allowed interest earned from a co-operative bank as eligible for deduction under section 80P(2)(d) of the Income Tax Act. Accordingly, appeal filed by revenue dismissed.
The assessee is a souharda cooperative society duly registered under the Karnataka Souharda Sahakari Act, 1997 and is engaged mainly in the business of accepting deposits from members and lending credit facilities to its member.
