2020 (3) TMI 1279

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.... of these stay petitioners, we have proposed to dispose of the appeals on merit to both the learned representatives. After discussing the issues on merit, both have agreed that instead of adjudicating stay petitions, appeals itself can be disposed off. In view of the above, we are of the view that these applications became redundant, and dismiss accordingly. 3. The assessee is impugning separate orders of the ld. CIT(A) dated 19.9.2019 passed in the Asstt. Years 2013-14 and 2014-15. Though the assessee has taken four grounds of appeal in each assessment year, however, in brief its grievance is that the ld. CIT(A) while adjudicating the issue regarding exclusion of interest income earned from nationalized banks, and assessable under secti....

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..... These assessment orders were set aside by the ld. Commissioner by exercising powers under section 263 vide order dated 23.3.2018, Thus, in pursuance of directions issued under section 263 of the Act, fresh assessment orders have been passed by the AO in both these assessment years on 14.8.2018. The ld. AO has noticed the following interest income: Asstt. Year 2013-14 S.No. Particulars Amount (in Rs.) 1. Mehsana District Central Co-op Bank 20,81,069 2. Development Commercial Bank (FD) 40,38,081 3. Central Bank of India 24,786 4, State Bank of India 738 5. Sardar Sarovar Narmada Nigam 6,40,880   TOTAL 67,85,644/- Asstt. Year 2014-15 S-.No. Particulars Amount ....

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....nvestments made in banks not being a cooperative society does not fall within any of the categories mentioned in section 80P(2)(a). However, society would be entitled to claim exemption section 80P(2)(d) to the extent of the interest earned from investments made by it with any co-operative society. 7. In the present case, the assessee has earned income from the investment made with nationalized banks. Therefore, such income will not qualify for grant of deduction under section 80P(2)(a)(i) as well as under section 80P(2)(d) because it is not from cooperative society, in view of the above judgment of Hon'ble Gujarat High Court. However, we find merit in the contention of the assessee that expenditure should be allowed in respect of in....