Denial of deduction claimed u/s. 80P[2][a][i] of the Income Tax Act

Last updated: 05 September 2021
Quick Summary
The Income Tax Appellate Tribunal has allowed appeals filed by a co-operative society regarding deductions claimed under Section 80P of the Income Tax Act. The society, which provides banking facilities to its members in a rural area, had claimed deductions on its income. The Tribunal has remanded the issue back to the Assessing Officer to verify interest earned from investments made in other co-operative societies, which may be eligible for deduction under Section 80P(2)(d).

Court :
ITAT Bangalore

Brief :
Present appeals are filed by the assessee against the common order dated 25/03/2019 passed by the Ld.CIT(A) Mangaluru for assessment year 2015-16 and 2016-17 on the following grounds. At the outset the Ld.Counsel submitted that issues raised by assessee in both the appeals are common on identical facts.

Citation :
ITA No.1257 & 1258/Bang/2019

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