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| The Tax Publishers2020 TaxPub(DT) 4337 (Jp-Trib) INCOME TAX ACT, 1961
Section 80P(2)(a)(i)
Assessee produced Certificate issued by Registrar of Co-operative Socieites in respect of Jaipur Central Co-operative Bank as per which Jaipur Central Co-operative Bank was a Co-operative Society registered under Co-operative Societies Act and, therefore, interest received by assessee from Jaipur Central Co-operative Bank was allowable as deductible in view of section 80P(2)(d).
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Deduction under section 80P(2)(a)(i) - Co-operative society - Allowability as regards interest received from Jaipur Central Co-operative Bank -
Assessee claimed deduction under section 80P(2)(a) as regards interest received by assessee from Jaipur Central Co-operative Bank. AO disallowed deduction on the ground that interest received by assessee was not covered under section 80P(2)(d as assessee had not produced any document to prove that Jaipur Central Co-operative Bank was a Co-operative Society. Held: Assessee produced Certificate issued by Registrar of Co-operative Societies in respect of Jaipur Central Co-operative Bank as per which Jaipur Central Co-operative Bank was a Co-operative Society registered under Co-operative Societies Act and, therefore, interest received by assessee from. Jaipur Central Co-operative Bank was allowable as deductible in view of section 80P(2)(d).
Relied:CIT v. Rajasthan Rajya Sahakari Kray Vikray Sangh Ltd., dated 1-9-2016 in DB IT Appeal Nos. 139/2002, 20, 24 & 27/2004
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2015-16
IN THE ITAT, JAIPUR BENCH
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