2022 (10) TMI 898

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.... This appeal by the assessee arises out of the order dated 30-09-2021 passed by the National Faceless Appeal Centre (NFAC), Delhi u/s.250 of the Income-tax Act, 1961 (hereinafter also called 'the Act') in relation to the assessment year 2014-15. 2. The appeal is barred by 41 days. The assessee filed the appeal on 10-01-2022. Prima-facie, the delay period pertains to Covid-19 Pandemic and hence,....

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.... banks. 4. Tersely stated, the facts of the case are that the assessee showed interest received on term deposit investment of Rs.6,13,359/-. On being called upon as to why this amount should not be taxed treating the same as 'Income from other sources', the assessee did not submit any reply. Eventually, the AO, relying on the judgment of Hon'ble Supreme Court in the case of Totagars Co-operativ....

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....ed similar deduction. In the said case, the Tribunal discussed the contrary views expressed by the Hon'ble Karnataka High Court in Tumkur Merchants Souharda Credit Cooperative Ltd. Vs. ITO (2015) 230 Taxman 309 (Kar.) allowing deduction u/s. 80P on interest income and that of the Hon'ble Delhi High Court in Mantola Cooperative Thrift Credit Society Ltd. Vs. CIT (2014) 110 DTR 89 (Delhi) not allowi....