Home › Income-Tax Act › Shri Shankarling Co-Operative Credit Souharda Sahakari Niyamit v. ITO (2021) 91 ITR 57. (SN) (Bang.)(Trib.)

Shri Shankarling Co-Operative Credit Souharda Sahakari Niyamit v. ITO (2021) 91 ITR 57. (SN) (Bang.)(Trib.)

S. 80P : Co-operative societies-Interest and dividend income-Directed the Assessing Officer to consider de novo and to verify whether assessee had deducted tax at source on interest payment to non-members exceeding Rs. 10,000 per annum. [S. 80P(2)(a)(i), 80P(4)]

The issue of deduction under section 80P of the Act was to be remanded to the Assessing Officer consideration for de novo in the light of principles laid down by the Supreme Court in Mavilayi Service Co-operative Bank Ltd. v. CIT (2021)431 ITR 1 (SC). Followed Ravindra Multipurpose Co-operative Society Ltd. v. ITO (I. T. A. No. 1262/Bang/2019, dated August 31, 2021)

The direction of the Commissioner (Appeals) to the Assessing Officer to verify whether the assessee had deducted tax at source on interest payment to non-members (interest payment exceeding Rs. 10,000 per annum) was in accordance with law. (AY. 2012-13)