Appeal allowed for statistical purposes, case remitted to Assessing Officer for fresh consideration.

The appeal was allowed for statistical purposes, and the case was remitted back to the Assessing Officer for fresh consideration in light of relevant judgments. The Tribunal emphasized the importance of submitting necessary documents and complying with the law for the early disposal of the case.

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Issues:
1. Confirmation of order by CIT(A) NFAC opposed to law and facts
2. Treatment of interest earned from nominal members
3. Eligibility of proportionate interest earned under section 80P(2)(a)(i)

Issue 1:
The appeal was filed against the order passed by the National Faceless Appeal Centre (NFAC) confirming the Assessing Officer's decision. The grounds of appeal included the contention that the order was against the law and facts of the case. The AO disallowed interest received from associate members under section 80P(2)(a)(i) and held that it was not eligible for deduction. The AO also disallowed a proportionate amount of expenditure related to income earned from investments. The CIT(A) decided the issue ex-parte as the assessee did not respond to notices or provide credible evidence. The Tribunal remitted the case back to the AO for fresh consideration in light of relevant judgments, directing the assessee to submit necessary documents. The appeal was allowed for statistical purposes.

Issue 2:
The second issue pertained to the treatment of interest earned from nominal members. The AO disallowed interest earned from associate members under section 80P(2)(a)(i) of the Act. The assessee argued that this treatment was against the Supreme Court principle laid down in a specific case. The Tribunal noted the grounds of appeal raised by the assessee, which included references to relevant judgments. The case was remitted back to the AO for a fresh consideration, emphasizing the importance of supporting documents and compliance with the law.

Issue 3:
The third issue revolved around the eligibility of proportionate interest earned under section 80P(2)(a)(i). The AO disallowed a proportionate amount of expenditure related to income earned from investments. The CIT(A) decided the issue ex-parte due to the lack of response from the assessee. The Tribunal remitted the case back to the AO for a fresh consideration in light of specific judgments cited by the assessee. The importance of providing necessary documents and ensuring compliance with the law was highlighted for the early disposal of the case.

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