2022 (11) TMI 775

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.... This appeal by the assessee arises out of the order dated 20-07-2022 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 2018-19. 2. The only issue raised in this appeal is against the denial of deduction u/s.80P(2)(a)(i) on the interest income of Rs.32,03,362/-. 3. Succinctly,....

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....L and M/s. Axis Bank, which was claimed as eligible u/s.80P of the Act. However, the AO, after discussing the issue in detail and the various case laws available on the subject, disallowed such interest income amounting to Rs.52,84,507/- and held the same as chargeable under the head 'Income from other sources. Eventually, the AO assessed the income of the assessee at Rs.32,03,362/-. The ld, first....

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....ted 07-01-2022, that though co-operative banks, other than primary agricultural credit society or a primary co-operative agricultural and rural development bank, are not eligible for deduction pursuant to insertion of section 80P(4) w.e.f. 1.4.2007, but this provision does not dent the otherwise eligibility u/s 80P(2)(d) of the Act of a co-operative society on interest income on investments/deposi....