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2022 (12) TMI 637 - AT - Income TaxDenial of deduction u/s 80P(2)(a)(i) - interest income received from investments/FDRs in other Co-operative societies and nationalized banks - HELD THAT - The claim of the assessee is that the deduction was claimed u/s 80P(2)(a)(i) and the same ought to have been allowed. Thus find that similar issue has been considered by the Pune Tribunal in Sant Motiram Maharaj Sahakari Pat Sanstha Ltd. 2020 (9) TMI 964 - ITAT PUNE . This overturn the impugned order to the extent of denial of deduction u/s 80P in respect of interest income.
Issues:
Denial of deduction u/s 80P(2)(a)(i) of the Income-tax Act, 1961 in respect of interest income received from investments/FDRs in other Co-operative societies and nationalized banks. Analysis: The appeal before the Tribunal was against the order passed by the National Faceless Appeal Centre (NFAC), Delhi regarding the denial of deduction u/s 80P(2)(a)(i) for interest income received from investments. The assessee, a Co-operative society, had filed a return of income claiming deduction u/s 80P, which was denied by the Assessing Officer (AO) based on section 80P(2)(d) of the Act. The ld. CIT(A) upheld the AO's decision, leading to the appeal before the Tribunal. The Tribunal focused on the specific issue of denial of deduction u/s 80P(2)(a)(i) concerning interest income. The assessee argued that the deduction should have been allowed under this provision. The Tribunal referred to a similar case decided by the Pune Tribunal, where it was held that the denial of deduction u/s 80P(2)(d) in a different case did not apply to the current situation. The Tribunal, following the precedent set by the Pune Bench, overturned the order that denied the deduction for interest income. Ultimately, the Tribunal allowed the appeal to the extent that the denial of deduction u/s 80P in respect of interest income was overturned. The decision was based on the interpretation of the relevant provisions and the differentiation between u/s 80P(2)(a)(i) and u/s 80P(2)(d) as established in previous judgments. The order was pronounced in the Open Court on 9th December 2022.
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