2020 (12) TMI 1313

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....-13/AY 2012-13 & I.T.A. No.108/CIT(A)-13/AY 2013-14 both dated 04.08.2016 relevant to the Assessment years 2012-2013 & 2013 - 2014. I.T.A. Nos.2898/Chny/2016 : 2. The facts of the case in brief is that the Assessee is a Co-operative Society established in the year 1926 by the employees of the Telecom and BSNL. The Assessee has advanced certain funds to the employees of the Assessee's Society had received an interest income, claimed as eligible for Section 80P of the Income Tax Act, 1961. The Assessing Officer has rejected the claim of the Assessee on the ground that the employees of the Assessee's Society are not members of the Society. Therefore, the interest income received is not eligible for Section 80P of the Income Tax Act, 1961....

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.... We find that the Assessee's Society has existed only for the members of the Telecom Employees Co-operative Society and not for the benefit of the staff of the Telecom Employees Co-operative Society. The Telecom Employees Co-operative Society is an altogether different from the staff of the Assessee. Therefore, the claim made by the Assessee u/s.80P of the Income Tax Act, 1961 is not an eligible claim and therefore the Assessing Officer as well as the learned Commissioner of Income Tax (Appeals) rightly denied the claim of the Assessee u/s.80P of the Income Tax Act, 1961. In view of the above, in this appeal, the issue has been decided against the Assessee and in favour of the Revenue. Thus, the ground raised by the Assessee is dismissed....