2024 (1) TMI 948

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.... For the Revenue : Shri Purushottam Kumar, Sr DR ORDER This appeal filed by the assessee is directed against the order of the Commissioner of Income-tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi [hereinafter referred to as "CIT(A)" for short] dated 17.03.2023 passed under Section 250 of the Income Tax Act, 1961 [hereinafter referred to as "the Act" for short] for the Assessmen....

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....dvances/Loans, Disallowance u/s 40A(7) [Gratuity provision] and deduction from total income under Chapter VI-A. After taking cognizance of the reply of the assessee, the Assessing Officer made addition of Rs. 1,86,285/- thereby disallowing the interest income earned from the co-operative bank and treated the same as income from other sources u/s 56 of the Act. 4. Being aggrieved by the assessme....

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....arnataka) will not be applicable in assessee's case as the latest decision of Hon'ble Supreme Court in the case of Mavilayi Service Co-operative Bank Ltd. vs. CIT (Civil Appeal Nos. 7343-7350 of 2019 dated 12.01.2021), the co-operative banks are excluded from the ambit of Section 80P of the Act. Thus, the interest income derived from deposits/investments in co-operative banks are not eligible for ....

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....material available on record. It is pertinent to note that the assessee is earning interest income from Mehsana District Co-op. Bank Ltd., which is a registered co-operative bank under Gujarat Co-operative Societies Act and is a member of the Co-operative Society; and the interest earned thereon comes under the purview of Section 80P(2)(d) of the Act as held by the Hon'ble Gujarat High Court in th....