Nashik Road Nagari Sahkari Patsanstha Maryadit, Nashik V. Income Tax Officer, Ward-1(2), Nashik, Nashik

ITA 480/PUN/2023

AI Insights

The case involves Nashik Road Nagari Sahkari Patsanstha Maryadit, a cooperative credit society, which appealed against the denial of deduction under section 80P for interest income earned from deposits with Bank of Baroda. The Assessing Officer initially denied the deduction, a decision which was upheld by the CIT(A). The Tribunal, referencing its own previous decisions and the specific circumstances of the assessee's case for the assessment year 2013-14, decided to grant the deduction, thereby allowing the appeal.

• Counselvise Citation: [2023] 140 COUNSELVISE.COM (IT) 124142 (ITAT-PUNE)
• Duration Of Justice: 1 month(s) 13 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 06-06-2023
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: SMC
• Next Hearing Date: 06-06-2023
• Assessment Year: 2014-2015
• Appeal Filed On: 24-04-2023
• Other Referred Cases: assessee's own case for the immediately preceding assessment year 2013-14
• Laws Referred To: Income-tax Act, 1961
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Section: 80P

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL SMC BENCH, PUNE BEFORE SHRI R.S. SYAL, VICE PRESIDENT आयकर अपील सं. /ITA No.480/PUN/2023 नधा रण वष / Assessment Year : 2014-15 Nashik Road Nagari Sahkari Patsanstha Maryadit, 7/8, Yashwant Apartment, Jail Road, Amrut Nagar, Dr. Gujarathi Hospital Road, Nashik Road, Nashik Maharashtra – 422 101 PAN : AAAAN2225K Vs. ITO, Ward-1(2), Nashik Appellant Respondent आदेश / ORDER PER R.S. SYAL, VP: This appeal by the assessee is directed against the order dated 25-02-2023 passed by the CIT(A) in National Faceless Appeal Centre, Delhi u/s.250 of the Income-tax Act, 1961 (hereinafter also called ‘the Act’) in relation to the assessment year 2014-15. 2. The only issue raised in this appeal is against denial of deduction u/s.80P in respect of interest income earned from the deposits kept with Nationalised bank. Assessee by Shri Sanket Joshi Revenue by Shri Gurmel Singh Date of hearing 07-06-2023 Date of pronouncement 07-06-2023 ITA No.480/PUN/2023 Nashik Road Nagari Sahkari Patsanstha Maryadit 2 3. Briefly stated, the facts of the case are that the asessee is a Cooperative credit society engaged in the business of providing credit facilities to its members. It claimed deduction u/s.80P(2) in respect of interest income of Rs.3,04,556/- from the deposits kept with Bank of Baroda. The Assessing Officer (AO) did not allow the deduction, which action came to be affirmed in the first appeal. Aggrieved thereby, the assessee has come up in appeal before the Tribunal. 4. Having heard the rival submissions and perused the relevant material on record, it is seen that the issue of granting deduction u/s.80P(2)(a)(i) in respect of interest income from nationalized banks has been decided in favour of the assessee by the Tribunal in several cases including the assessee’s own case for the immediately preceding assessment year 2013-14. A copy of such order dated 27- 12-2021 has been placed on record. Relevant discussion has been made in para No.9 granting deduction u/s 80P(2)(a)(i) on account of interest received from the deposits kept with Bank of Baroda in the form of Fixed deposit. Such decision has not been modified of reversed in any manner. Respectfully following the precedent, I order to grant deduction u/s 80P on the interest income earned from Bank of Baroda. ITA No.480/PUN/2023 Nashik Road Nagari Sahkari Patsanstha Maryadit 3 5. In the result, the appeal is allowed. Order pronounced in the Open Court on 07 th June, 2023. Sd/- (R.S.SYAL) VICE PRESIDENT पुणे Pune; िदनांक Dated : 07 th June, 2023 सतीश आदेश की ितिलिप अ ेिषत/Copy of the Order is forwarded to : 1. अपीलाथ / The Appellant; 2. थ / The Respondent 3. 4. 5. The Pr.CIT concerned DR, ITAT, ‘SMC’ Bench, Pune गाड फाईल / Guard file. आदेशानुसार/ BY ORDER, // True Copy // Senior Private Secretary आयकर अपीलीय अिधकरण ,पुणे / ITAT, Pune ITA No.480/PUN/2023 Nashik Road Nagari Sahkari Patsanstha Maryadit 4 Date 1. Draft dictated on 07-06-2023 Sr.PS 2. Draft placed before author 07-06-2023 Sr.PS 3. Draft proposed & placed before the second member JM 4. Draft discussed/approved by Second Member. JM 5. Approved Draft comes to the Sr.PS/PS Sr.PS 6. Kept for pronouncement on Sr.PS 7. Date of uploading order Sr.PS 8. File sent to the Bench Clerk Sr.PS 9. Date on which file goes to the Head Clerk 10. Date on which file goes to the A.R. 11. Date of dispatch of Order. *