2023 (6) TMI 171

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....ER INTURI RAMA RAO, AM: This is an appeal filed by the assessee directed against the order of National Faceless Appeal Centre (NFAC), Delhi dated 20.02.2023 passed u/s 250 of the Income-tax Act, 1961 (hereinafter referred to as 'the Act'). 2. Briefly, the facts of the case are as under: The appellant is a Co-operative society registered under the Maharashtra Co-operative Societies Act. Th....

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....the Co-operative banks and interest on savings bank does not qualify for exemption u/s 80P(d) of the Act. 4. Being aggrieved by the decision of CIT(A), the appellant is in appeal before this Tribunal. 5. I have heard the rival contentions and perused the material available on record. The issue in the present appeal is no longer res integra as the same is covered by the decision of the Tribun....

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....le 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/deposits parked with a co-operative bank, which is a registered co-operative society as per section 2(19) of the Act, defining co-operative society to mean a co-operative society reg....