2022 (11) TMI 587

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...., AM: This is an appeal filed by the assessee directed against the order of ld. Commissioner of Income Tax (Appeals), Hubballi ['the CIT(A)'] dated 26.11.2018 for the assessment year 2012-13. 2. The appellant raised the following grounds of appeal :- "1. On the facts and circumstances of the case and in law the learned CIT(A) erred in disallowing the deduction u/s 80P(2)(a)(i) of th....

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....s income from other sources. The CIT(A) erred in not appreciating that - i) The assessee is in the business of providing credit facilities to its members and interest on deposits arising out of regular activities with members is attributable to the business of providing credit facilities and entitled for deduction u/s 80P(2)(a)(i) of the Act. ii) Totagar's co-operative S....

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....2.03.2015 passed u/s 143(3) at a total income of Rs.13,87,160/- denying the claim for exemption of income u/s 80P(2)(a)(i) by holding that the appellant society is a cooperative bank and, therefore, hit by provisions of sub-section (4) of section 80P of the Act. 4. Being aggrieved by the order of assessment, an appeal was preferred before the ld. CIT(A), who vide impugned order held that the ap....

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....reliance on the order of the ld. CIT(A). 8. I heard the rival submissions and perused the material on record. The issue in the present appeal relates to the exemption of interest earned from nominal members qualifies for exemption under the provisions of section 80P(2)(a)(i) of the Act. The question whether nominal members are treated on par with the members is to be decided with reference to t....