2022 (12) TMI 505

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....by the assessee is directed against the order passed by National Faceless Appeal Centre (NFAC), Delhi on 27.08.2022 in relation to assessment year 2017-18. 2. The only issue raised in this appeal is against denial of deduction u/s 80P(2)(a)(i) of the Income-tax Act, 1961 (hereinafter referred to as "the Act‟) in respect of interest income received from other Co-operative societies. 3. ....

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.... I find that similar issue has been considered by the Pune Tribunal in Sant Motiram Maharaj Sahakari Pat Sanstha Ltd. vs. ITO (2020) 120 taxmann.com 10 (Pune-Trib). Para 10 is relevant for the purpose, which reads as under: "10. Insofar as the reliance of the ld. DR on the case of Pr. CIT and Another Vs. Totagars Cooperative Sales Society (2017) 395 ITR 611 (Kar.) is concerned, we find th....

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....tant assessee is directly about the eligibility of deduction u/s.80P(2)(a)(i) of the Act and not u/s.80P(2)(d). Moreover, so many decisions relied on by the ld. AR amply go to prove that the view taken by the AO, cannot by any standard, be construed as not a possible view. We, therefore, hold that the ld. Pr. CIT was not justified in exercising the revisional power anent to interest income of Rs.2....