TaxTMI 
TaxTMI 
2021 (7) TMI 453
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....e appellate order passed by the Ld. CIT(A) on 09.10.2018 is completely arbitrary, unjustified and illegal. 2. For that the facts of the case, the Ld. CIT(A) was wrong in dittoing the order of the A.O. and computing the total taxable income at Rs. 286,190/- as against the total income shown at NIL after deduction of income under section 80P of the I.T. Act, 1961, which is confirmed by Ld. CIT(A), therefore, his finding is completely arbitrary, unjustified and illegal. 3. For that on the facts of the case, The Ld. CIT(A) was wrong in not considering the fact that the assessee being a registered co-operative society 1s carrying on business and providing credit facilities to its members. The investment made on schedule banks a....
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....acilities to its members and also taking deposits from its farmer members. During the year, the assessee invested certain surplus amount in mutual funds with SBI and thereby earned dividend income of Rs. 66,978/- from SBI mutual fund. The Assessing Officer observed that the assessee-society was not entitled to the exemption u/s 80P(2) of the Income Tax Act in respect of the said dividend income. He, therefore, made the addition of the aforesaid amount into the income of the assessee. 6. Being aggrieved by the said order of the Assessing Officer, the assessee filed appeal before the CIT(A). However, the ld. CIT(A) observed that the aforesaid amount since was not generated from the business activity of the assessee, therefore, the same was....
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....als and equipment in connection therewith for the purpose of supplying them to its members, the whole of the amount of profits and gains of business attributable to any one or more of such activities : Provided that in the case of a co-operative society falling under sub-clause (vi), or sub-clause (vii), the rules and bye-laws of the society restrict the voting rights to the following classes of its members, namely:- (1) the individuals who contribute their labour or, as the case may be, carry on the fishing or allied activities; (2) the co-operative credit societies which provide financial assistance to the society; (3) the State Government;" 9. As per the above reproduced provisions, in case....
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....5 - Vide Ground No.5, the assessee has contested the action of the ld. CIT(A) in not allowing TDS amounting to Rs. 2,19,211/-. 11. The ld. Counsel for the assessee has submitted that the assessee mistakenly registered itself as 'local authority' with the Income Tax department (PAN) and not as 'association of persons'. Therefore, the TDS amount of Rs. 2,19,211/- claimed in the return of income has been denied to the assessee. 12. I find that there is no discussion on this issue in the assessment order. This issue was raised for the first time before the CIT(A). However, the ld. CIT(A) declined to interfere by observing that there is no discussion about this in the assessment order. He has, therefore, observed that if it was a mistake o....