2017 (8) TMI 1493

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....learned CIT(A)-33, Mumbai and it relates to A.Y. 2010-11. 2. The assessee is aggrieved by the decision of the learned CIT(A) in confirming the order of the Assessing Officer in rejecting the claim for deduction u/s. 80P of the Act. The assessee has also challenged the validity of reopening of assessment. 3. Facts relating to the issue are stated in brief. The assessee is a cooperative credit soc....

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....ome of the assessee. 4. Before the learned CIT(A), the assessee challenged the reopening of the assessment but the same was rejected by the learned CIT(A). The assessee claimed before the learned CIT(A) that income of Rs. 20,50,220/- assessed by the Assessing Officer reprsents interest income earned by it on the deposits kept with the cooperative banks. Accordingly, the assessee claimed that the ....

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.... placed, and submitted that income of Rs. 20,50,220/- assessed by the Assessing Officer actually represents interest income from deposits kept with Cooperative Banks. Learned AR submitted that Hon'ble Karnataka High Court has held in the case of Principal Commissioner of Income Tax Vs. Totagars Cooperative Sale Society (392 ITR 74) that cooperative bank should be considered as a cooperative so....

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....tice that the same actually represents interest received from the bank deposits. I noticed that the assessee had received interest from the bank deposits to the tune of Rs. 22.61 lakhs and set off of brought forward loss of Rs. 2.11 lakhs and accordingly, declared net interest income of Rs. 20.50 lakhs. Learned AR contends that the above said amount of Rs. 20.50 lakhs represents interest received ....