2023 (6) TMI 32

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....s an appeal filed by the assessee directed against the order of the National Faceless Appeal Centre, Delhi ['NFAC'] dated 29.03.2023 for the assessment year 2017-18. 2. Briefly, the facts of the case are that the appellant is a cooperative credit society registered under Maharashtra Co-operative Societies Act, 1960. The Return of Income for the assessment year 2017-18 was filed on 31.03.2018 di....

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.... by the Assessing Officer. 4. Being aggrieved, the appellant is in appeal before this Tribunal in the present appeal. 5. When the appeal was called on, none appeared on behalf of the assessee despite due service of notice of hearing. 6. I heard the ld. Sr. DR and perused the material on record. The only issue in the present case is as to the allowability of exemption under the provisions ....

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.... High Court in the case of CIT Vs. Southern Eastern Employees Cooperative Credit Society Ltd. 390 ITR 524 took a view that the income arising on the surplus invested in short term deposits and securities cannot be attributed to the activities of the society and, therefore, not eligible for exemption u/s.80P(2)(a)(i) of the Act. However, the Hon'ble Karnataka High Court in the case of Tumkur Mercha....