2022 (10) TMI 353

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..... V. Doshi , AR Revenue by : Shri Atul Pandey , Sr. DR ORDER PER SUCHITRA KAMBLE , JUDICIAL MEMBER : These appeals are filed by the Revenue against two different orders, both dated 08.08.2019, passed by the CIT(A), Gandhinagar, Ahmedabad for the Assessment Years 2014-15 & 2013-14. 2. The Assessee has raised the following grounds of appeal: ITA No.1529/Ahd/2019 for Assessment Year....

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.... of the case, the Ld. Commissioner of Income Tax (Appeals) ought to have upheld the order of the Assessing Officer. iii) It is, therefore prayed that the order of the Ld. Commissioner of Income Tax (Appeals) may be set aside and that of the Assessing Officer be restored." 3. The assessee is a Co-operative Society and filed its return of income on 30.09.2014 declaring total income at Rs....

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....,842 under Section 80P(2)(d) of the Act. 4. Being aggrieved by the assessment order, the assessee filed appeal before the CIT(A). The CIT(A) allowed the appeal of the assessee. 5. The Ld. DR submitted that as per the decision of the Hon'ble Supreme Court in the case of Totgars Co-operative Sales Society Limited vs. ITO (188 taxman 282 - SC) interest income earned from Nationalised Bank is to....

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.... interest derived from credit provided to its members which is deductible under Section 80P(2)(a)(i) of the Act. Thus, the Ld. AR submitted that the CIT(A) rightly allowed the appeal of the assessee. 7. We have heard both the parties and perused all the relevant material available on record. It is pertinent to note that the decision of Hon'ble Apex Court in the case of Totgars Co-operative Sale....