| |
| The Tax Publishers2020 TaxPub(DT) 1380 (Bang-Trib) INCOME TAX ACT, 1961
Section 80P(2)(d)
Assessee's claim regarding deduction under section 80P(2)(d) could not be rejected on the basis that co-operative banks were not co-operative societies since for the purpose of section 80P(2)(d), the co-operative banks would be treated as the co-operative societies, however, matter regarding allowability of deduction under section 80P(2)(d) was remanded to AO for fresh decision after examining other conditions for allowing such deduction because those conditions were not examined by the AO.
|
Deduction under section 80P(2)(d) - Co-operative-society - Allowability - Interest earned from deposits with co-operative banks
Assessee-co-operative society was engaged in providing/allotting housing sites to its members. AO denied assessee's claim of deduction under section 80P(2)(d) by holding that interest earned by the assessee from its deposits with co-operative banks was not eligible for deduction under section 80P(2)(d) since co-operative banks were not co-operative societies. Further, CIT (A) confirmed the view taken by the AO. Held: Assessee's claim regarding deduction under section 80P(2)(d) could not be rejected on the basis that co-operative banks were not co-operative societies since for the purpose of section 80P(2)(d), the co-operative banks would be treated as the co-operative societies. Accordingly, the order of the CIT (A) was set aside and matter was remanded to the AO for fresh decision regarding allowability of deduction under section 80P(2)(d) after examining other conditions for allowing such deduction because those conditions were not examined by the AO.
Relied:M/s. Sindhu Credit Souharda Sahakari Niyamita v. The Income Tax Officer, Ward-5, Raichur. ITA No. 2144/Bang/2019-Order, dated 4-12-2019
REFERRED :
FAVOUR : Matter remanded
A.Y. : 2015-16
IN THE ITAT, BANGALORE BENCH
 SUBSCRIBE FOR FULL CONTENT
|