2019 (1) TMI 997

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....RDER PER AMARJIT SINGH, ACCOUNTANT MEMBER: This is assessee's appeal order of ld.CIT(A), Gandhinagar, Ahmedabad dated 8.5.2017 passed for the assessment year 2014-15. 2. Assessee has raised solitary ground in its appeal on the issue that the ld.CIT(A) has erred in confirming the addition made by the AO of Rs. 10,04,064/- which was claimed by the assessee as deduction under section 80P(2)(a)(i) ....

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....he AO was of view that this amount of Rs. 39,34,892/- since earned from non-cooperative bank/nationalized banks, the same has to be treated as income chargeable under the tax "Income from other sources", accordingly, the ld.AO by issuing show cause notice, proposed addition of this amount under the provisions of section 56 of the Act. The assessee in its reply submitted that the assessee a primary....

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....see for earning such income. Aggrieved assessee preferred first appeal before the ld.CIT(A), who after considering the submissions of the assessee confirmed by the order of the ld.AO. The assessee is now before the Tribunal against confirmation of addition. 4. Before us, the ld.counsel for the assessee has filed written submissions, which is more or less on similar line as pleaded before the ld.R....

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....erence thereof is required and the appeal of the assessee may be dismissed. 6. Having heard both the parties and on perusal of the record, we find that Assessee is a cooperative society registered under Gujarat Cooperative Societies Act, 1961 and engaged in providing credit facilities to its members. We find that Hon'ble jurisdictional High Court in the case of State of India (supra) has held tha....