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M/s. Spandana Credit Souharda Sahakari Niyamita, Bangalore vs Income Tax Officer, Ward- 3(2)(2), Bangalore

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Court :
ITAT Bangalore

Brief :
This appeal is by the assessee directed against the order dated 31.12.2019 of CIT(A)-3, Bangalore, relating to AY 2016-17.

Citation :
ITA No.225/Bang/2020

IN THE INCOME TAX APPELLATE TRIBUNAL
“B” BENCH : BANGALORE

BEFORE SHRI N. V. VASUDEVAN, VICE PRESIDENT AND
SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER
ITA No.225/Bang/2020
Assessment Year : 2016-17

M/s. Spandana Credit Souhardha Sahakari Niyamita,
1587, Punyakoti, 3rd Main Road, Chandra Layout,
Vijayanagar,
Bangalore – 560 040.
PAN : AAGAS 7780 Q

Vs. 

The Income Tax Officer,
Ward – 3(2)(2),
Bangalore.

Assessee by : Shri. Sukesh S. Patil, CA
Revenue by : Shri. Priyadarshi Mishra, JCIT(DR)(ITAT),
Bangalore

Date of hearing : 15.12.2020
Date of Pronouncement : 17.12.2020

O R D E R

Per N. V. Vasudevan, Vice President

This appeal is by the assessee directed against the order dated 31.12.2019 of CIT(A)-3, Bangalore, relating to AY 2016-17.

2. The Assessee in this case is a Co-operative registered under section 6(1) of the Karnataka Souharda Co-operative Act, 1997. The assessee claimed deduction under section 80P(2)(a)(i) of the Income Tax Act, 1961 (hereinafter called ‘the Act’), on a sum of Rs.1,11,83,924/-. The relevant provisions of Sec.80P(2)(a)(i) of the Act, provides for the following deduction:

“Section 80P – Deduction in respect of income of Co-operative Societies: 80P. (1) Where, in the case of an assessee being a co-operative society, the gross total income includes any income referred to in sub-section
(2), there shall be deducted, in accordance with and subject to the provisions of this section, the sums specified in sub-section (2), in computing the total income of the assessee.
(2) The sums referred to in sub-section (1) shall be the following, namely
:—
(a) in the case of a co-operative society engaged in—
(i) carrying on the business of banking or providing credit facilities to its members,”

To know more in details find the attachment file
 

 

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