2022 (12) TMI 793

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....armar, Sr. D.R. ORDER The appeal filed by the assessee is against the order passed by the Ld. CIT-(Appeals), National Faceless Appeal Centre (in short "NFAC"), Delhi on 13.07.2022 for A.Y. 2018-19. 2. The grounds of appeal raised by the assessee are as under: "1. The Ld. CIT(A) NFAC, Delhi has grievously erred in disallowing the interest amount of Rs. 19,01,887/- received from ba....

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.... of interest income on bank a/cs. Of Rs. 19,01,887/- & bank share dividend of Rs. 12,660/- made by the Ld. A.O. u/s. 56 of the I. T. Act, 1961 should be deleted looking to the merits of the case. 4. The appellant craves leave to add, amend, alter, edit, delete, modify or change all or any of the grounds of appeal at the time of or before the hearing of the appeal." 3. The assessee is a....

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....The CIT(A) dismiss the appeal of the assessee. 5. The Ld. A.R. submitted that the deposits were made in Scheduled Bank and there is no indication that the deposits were made in the Cooperative Banks as per the observation of the Assessing Officer. But the figures from the audited balance sheet of the society for year 31.03.2018 clearly shows that this is not an income from other sources it is a....

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.... from Cooperative Society. 6. The Ld. D.R. relied upon the assessment order and the order of the CIT(A). 7. Heard both the parties and perused all the relevant material available on record. It is pertinent to note that the assessee has claimed deduction of Rs. 19,01,887/- being interest from Cooperative Bank i.e. The Banaskantha Dist. Central Co-op. Bank Ltd. and Mehsana Urban Cooperative Ba....