2022 (5) TMI 1445

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....e of convenience and clarity, the facts relevant to the appeal in ITA No.61/PAN/2018 for the assessment year 2012-13 are stated herein. ITA No.61/PAN/2018, A.Y. 2012-13 : 4. The appellant through various grounds of appeal as well as the additional grounds of appeal raised the solitary issue in the present appeal is that the eligibility of exemption of income received from BDCC Bank and other banks under the provisions of section 80P(2)(d) of the Income Tax Act, 1961 ('the Act'). 5. Briefly, the facts of the case are as under :- The appellant is a co-operative bank formed with the object of providing credit facilities to its members. The appellant filed the return of income for the assessment 2012-13 on 30.09.2012 declaring total income....

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....s for period more than one year. The ld. CIT(A) also directed the Assessing Officer to delete the addition u/s 40(a)(ia) by holding that the appellant society is not liable to deduct tax at source. 7. Being aggrieved by the decision of the ld. CIT(A) that the interest earned on long term investments or deposits for period more than one year to be treated as income from other sources and not eligible for deduction u/s 80P(2)(a)(i) or section 80P(2)(d) of the Act, the appellant is in appeal before us. 8. It is submitted on behalf of the appellant that the provisions of income-tax does not provide for any distinction between long term and short term investments that any income received by the co-operative society from another co-operative so....