IN THE ITAT, PANAJI BENCH
SATBEER SINGH GODARA, J.M.
Vividha Urban Co-operative Credit Society Ltd. v. ITO
ITA No. 231/PAN/2019
25 January, 2023
Assessee by: S.J. Kamat
Revenue by: N. Srikant
This assessees appeal for assessment year 2016- 17, arises against the Commissioner (Appeals) Panaji-1, Panaji Order dated 30-4-2019, passed in case ITA No. CIT (A), PNJ- 1/10209/2018-19, in proceedings under section 143(3) of the Income Tax Act, 1961 (in short 'the Act').
Heard both the parties. Case file perused.
2. The assessees sole substantive grievance raised in the instant appeal challenges correctness of both the lower authorities action denying it section 80P deduction of interest income derived from cooperative/nationalized banks. The learned lower authorities also holding the assessee as a cooperative bank and not a cooperative credit society eligible for the impugned deduction. Their very objection continues for the status of the assessees alleged nominal as well as regular members. This leaves the assessee aggrieved.