2022 (3) TMI 772

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....snani ORDER PER R.S.SYAL, VP : These two appeals by the assessee relating to the assessment years 2017-18 and 2018-19 arise out of the orders dated 26-10- 2021 passed by the CIT(Appeals) National Faceless Appeal Centre (NFAC), Delhi u/s 250 of the Income-tax Act, 1961 (hereinafter also called `the Act'). Since a common issue is raised in both the appeals, I am, therefore, proceeding to di....

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....- from Nationalized bank; Commission income of Rs. 60,363/- from MSEDCL; and interest of Rs. 20,000/- on security deposit with MSEDCL - on the ground that these items of income were not from the business of providing credit facilities to its members. To sum up, the assessee's claim for deduction u/s.80P(2)(a)(i) was denied on a total income of Rs. 1,95,015/-. The ld. CIT(A) accepted the assessee's....

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.... contended in its written submissions that similar issue came up for consideration before the Pune Tribunal in Banganga Nagri Sah. Patsanstha Ltd. (ITA No.873/PUN/2014) and the Tribunal, vide its order dated 31- 03-2016, allowed the deduction on commission of collection of MSEDCL bills by holding that it was from the business activity carried on by the assessee. The Tribunal, for allowing such ded....

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..../-. 6. The other point raised in this appeal is against the denial of deduction u/s.80P(2) on the interest income of Rs. 20,000/- on security deposit which was parked with MSEDCL for carrying on the business of collection of MSEDCL bills. In view of the fact that the activity of collection of bills has been held by the Tribunal in Banganga Nagri Sah. Patsanstha Ltd. (supra) as a business activi....