2022 (6) TMI 78

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....nst the National Faceless Appeal Centre, Delhi's order dated 30-03-2022 passed in case No. ITBA/NFAC/S/250/2021- 22/1042118349(1) involving proceedings under Section 250 of the Income Tax Act, 1961 in short the Act. Heard both the parties. Case file perused. 2. The assessee pleads the following substantive grounds in the instant appeal : "1. The learned I-T authorities erred in law and on fact....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....a)(i) of the ITA, 1961 of Rs. 1,98,578/- on the analogy that appellant is dealing like a bank with its members. The learned I-T Authorities ought to have appreciated that in absence of any license from Reserve Bank of India, appellant cannot be treated as a 'bank'. 5. The learned I-T Authorities erred in law and on facts in disallowing deduction claimed u/s 80P(2)(a)(i) of the ITA, 1961 ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....No. 37 of 2016: a) IDS debited to P&L A/c. : 28,773/- b) NPA provisions debited to P&L A/c.: Rs.17,44,572/- 7. The learned I-T Authorities erred in law and on facts by not allowing the proportionate deduction u/s 80P(2)(a)(i) of the ITA, 1961 to the extent of transactions with ordinary members. 8. The learned I-T Authorities erred in law and on facts in not allowing deduction u/s 80P(2)(c)....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....o interest income derived from deposits in cooperative banks is concerned case law State Bank of India Vs. CIT (2016) 389 ITR 578 (Guj.) and CIT Vs. Totagars Cooperative Sale Society (2017) 392 ITR 14 (Kar.) holds that such an income also is eligible for the impugned claim. This second issue also goes against the department. 5. Next comes the assessee's reliance on CBDT Circular No.37/2016 that T....