Vividha Urban Cooperative Credit Society Ltd. v. ITO

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The Tax Publishers2023 TaxPub(DT) 902 (Panaji-Trib) 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 ORDER 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. SUBSCRIBE FOR FULL CONTENT

The Tax Publishers2023 TaxPub(DT) 902 (Panaji-Trib)

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

ORDER

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.