2023 (2) TMI 57

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... in case of Totgar's Co-op Sale Society Limited vs. ITO 322 ITR 283 is not applicable on the facts of the assessee's case. 2 The reassessment is also bad in law in as much as the interest of Rs.15,32,285/- from SSNNL is considered as business income and was allowed as deduction while passing the order under Section 143(3) and now to hold a contrary view is nothing but change of opinion. 3 The Ld. CIT(A) has erred in confirming that the interest of Rs.15,32,285 from SSNNL is income from other sources and therefore it is not eligible for deduction under Section 80P(2)(a)(i) by placing reliance on SC decision in case of Totgar Co-op Sale Society Limited vs. ITO 322 ITR 283 in as much as the interest from SSNNL is a business income since th....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....o its members and there was investment in Bank SK District Bank called SK District Bank FDR and SSNC FDR in respective Assessment Year. The Ld. AR submitted that though thr credit has been given to the members the same cannot be denied to the assessee the benefit of Section 80P(2)(a)(i) of the Act. The Ld. AR submitted that in assessee's own case for A.Y. 2009-10 the Tribunal has granted the relief distinguishing the Supreme Court decision in case of Totgar's Co-op Sale Society Limited vs. ITO, 322 ITR 283 (SC). The Tribunal's decision in assessee's case is in respect of ITA No.413/Ahd/2013, order dated 31.01.2014. The Ld. AR submitted that the Assessing Officer reopened the assessment by following SC decision in case of Totgar's Co-op Sale....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....the present case. 6. The Ld. DR submitted that the assessee has given credit to its members but the investment is in non-co-operative members and, therefore, the Assessing Officer has rightly made the addition. Ld. DR 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. There is a delay of 230 days in filing present appeal which was explained by the assessee through affidavit. The delay appears to be genuine, hence the delay is condoned. It is not disputed that the assessee received interest from Sardar Sarovaor Narmada Nigam Limited which is not co-operative society. The Interest earned on investment in SSNL Limited deposits though claimed as fr....