TaxTMI 
TaxTMI 
2023 (6) TMI 735
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....assessment order passed under section 143(3) of the Income Tax Act, 1961 (hereinafter referred to as 'the Act') dated 16.11.2016. The assessee has raised the following grounds of appeal:- "1. That on the facts and in the circumstances of the case, the Ld. Commissioner of Income Tax (Appeals)-NFAC, Delhi [here-in-after referred to as Ld. CIT(Appeals)] was not justified and grossly erred by without considering the facts, legal cases and documents submitted by the appellant. That on the facts and in the circumstances of the case, the Ld. CIT(Appeals) was not justified and grossly erred in confirming the action of the A.O order passed u/s 143(3) of the I.T Act 1961 which is incomplete and also bad on facts. 2.That on the facts and in the ....
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....n co-operative society are taxable in the hand of assessee. On the basis of his view the Assessing Officer issued show cause notice to assessee on 09.11.2016 and asked the assessee as to why the aggregate interest income of Rs.13,62,958/- derived from Nationalized Bank i.e., Rs.5,33,998/- from Dena Bank; Rs.4,19,644/- from Bank of Baroda and Rs.4,09,316/- from State Bank of India should not be added back to the income of assessee. The assessee filed its reply dated 15.11.2016. In the reply, the assessee by referring the provision of Sec 80P submits that they have made term deposits from various Nationalized Banks and co-operative banks with intention of members of the cooperative society that they have received interest income from such Nat....
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....vs. Income Tax Officer, Karnataka [2010] 188 Taxman 282 (SC). Further aggrieved the assessee has filed present appeal before the Tribunal. 4. I have heard the submission of Ld. Authorized Representative (Ld. AR) for the assessee and Ld. Senior Departmental Representative (Ld. Sr-DR) for the Revenue. The Ld. AR for the assessee submits that assessee made deposits with Nationalized Banks for earning more interest income and such interest income earned for Nationalized Bank is also exempt under section 80P(2)(d) of the Act. The Ld. AR for the assessee submits that assessee has filed written submission and same may be considered while deciding the grounds of appeal raised by assessee. I have gone through the written submissions of the assessee....
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....i Basavaraj, CEO Primary Agriculture Credit Cooperative Society Vs CIT (supra). Both the decisions relate to deduction under section 80P(2)(a)(i), however, the assessee right from the beginning is claiming deduction of interest income earned from Nationalised Bank. Section 80P(2)(a) specifically deals with the activities of the co-operative society which is being carried out in consonance with their object. During the hearing of the appeal the assessee was specifically confronted with the facts and the provisions of clause (d) of subsection (2) of section 80P specifically deals with the interest income earned from other co-operative society. The ld AR for the assessee, instead of appreciating the facts stated that he has already filed his w....