2014 (6) TMI 921

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.... the assessments completed under section 143(3) of the Income Tax Act, 1961.   2. The common issue raised in all these appeals is that the Commissioner of Income Tax (Appeals) has erred in confirming the order of the Assessing authority in denying the claim of benefits available under section 80P(2)(a)(i) of the Income Tax Act, 1961. The case of the assessee is that the bye-laws of the society allow the assessee to lend/advance loans to its members on agricultural produce loan and on the pledge of gold jewels and silver articles, earned interest income only as per the objects and submitted before the lower authorities that the claim of the assessee has to be considered under section 80P(2)(a)(i) of the Act. 3. This issue has been con....

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....o the assessee available under section 80P(2)(a)(i). 5. The next issue raised in the assessment year 2010-11 in I.T.A. No. 732/Mds/2014 is with respect to the claim of deduction under section 80P(2)(d) of the Income Tax Act. The assessee has submitted that the income by way of interest and dividend earned by the assessee society are from investments made in Salem District Central Cooperative Bank, which is also admittedly, a co-operative society. However, the Assessing Officer has held that the assessee has made only with Salem District Central Cooperative Bank and therefore, the income from investment with the Bank is not entitled for deduction under section 80P(2)(d) of the Act, which was confirmed by the ld. CIT(Appeals). The assessee ....