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2024 (1) TMI 1028 - ITAT RAIPURDisallowance u/s 80P(2)(d) - interest income received by the assessee society from deposits in saving bank a/c maintained with commercial banks i.e., State Bank of India (SBI) and other banks - HELD THAT:- Admittedly, the issues raised in the aforesaid appeals are squarely covered by the decisions of Gramin Seva Sahkari Samiti Maryadit [2022 (3) TMI 75 - ITAT RAIPUR] Accordingly, interest received on the Pace 3 surplus fund parked by way of deposits in the Bank is eligible for deduction 80(P)(2)(a)(i). Thus as following the various judgments of the Hon’ble High courts (supra), specifically as observed by Hon'ble High Court of Karnataka in the case of Tumkur Merchants Souharda Cooperative Ltd. [2015 (2) TMI 995 - KARNATAKA HIGH COURT] following the similar view taken in ANDHRA PRADESH STATE COOPERATIVE BANK LTD [2011 (6) TMI 215 - ANDHRA PRADESH HIGH COURT] respectfully following the same, we hold that the interest income received on amounts deposited by the assessee society in commercial / nationalised banks shall be eligible for deduction u/s 80P(2)(a)(i) of the Act. Consequently, ground pertaining to impugned controversy is decided in favour of the assessee. Delayed payment of PF- ESI - assessee has submitted that all the payments of EPF were made in time considering the extended grace period of 5 days available to the assessee - HELD THAT:- After going through the facts and on a thoughtful consideration of submissions and explanations, it is observed that the aforesaid issues has been dealt with coordinate bench of the ITAT, Raipur in Dilip Construction Company [2023 (6) TMI 1358 - ITAT RAIPUR] wherein regarding delay and grace period it has been observed that the assessee was found to have deposited the amount within grace period and hence there is no substance in the grievance of the Revenue. The contention raised by the assessee regarding grace period is found to be acceptable, but subject to verification of the fact that the payments were made in prescribed time including the time available with grace period. Under such facts and circumstances, we direct the Ld. AO to verify the payment details of EPF qua the disallowance made and vacate the same if the same are paid within stipulated time, on the contrary sustain the same if not paid in time, as described herein above.
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