2019 (3) TMI 801

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....see, as stated by the Assessing Officer, is a Co-operative Housing Society. For the assessment year under dispute, the assessee filed its return of income on 17th July 2015, declaring nil income. During the assessment proceedings, the Assessing Officer, while verifying the return of income filed by the assessee, noticed that the assessee in the relevant previous year has earned interest income of Rs. 40,92,129, from investment made in fixed deposit with other Co-operative Bank. However, the assessee has claimed deduction of the entire amount under section 80P(2)(d) of the Act. Being of the view that interest received from the investment made with other Co-operative Bank will not qualify for deduction under section 80P of the Act, the Assess....

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....ct that the assessee is a Co-operative Society not engaged in business activity, hence, the decision of the Hon'ble Supreme Court in Totgars Co-operative Cell Society Ltd. (supra) and other decisions referred to by them are not applicable to the assessee. He submitted, these arguments/pleadings could not be advanced before the learned Commissioner (Appeals) since the appeal was decided ex-parte. He submitted, given an opportunity the assessee would make all efforts to convince the learned Commissioner (Appeals) about allowability of assessee's claim of deduction under section 80P(2)(d) of the Act. 6. The learned Departmental Representative relied upon the observations of the learned Commissioner (Appeals). 7. I have considered rival s....