TaxTMI 
TaxTMI 
2024 (4) TMI 795
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....r. 02. ITA No. 3518/mum/2023 filed by the assessee against the appellate order passed by the National faceless appeal Centre, Delhi (the learned CIT - A) for assessment year 2013 - 14 dated 16/8/2023 wherein the appeal filed by the assessee against the assessment order dated 17/12/2019 passed under section 143 (3) read with section 147 of the income tax act, 1961 (the act) by ACIT Circle 23 (1), Mumbai (the AO), was dismissed. 03. Assessee raised following grounds of appeal: - "1. On the given facts, circumstances and judicial pronouncements, CIT (Appeals) erred in confirming the action AO in denying deduction of u/s 80P of Rs. 81,48,348/- as claimed by the assessee while filing the Return of Income for A.Y. 2017-18. Such act....
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....vings bank interest of Rs. 293/-. Assessee also claim standard deduction under 80P(2)(c) of Rs. 50,000/- thus the aggregate deduction was claimed under section 80 P of Rs. 7,645,872/-. 07. The claim of the assessee is that assessee is a co-operative society registered under the Maharashtra cooperative societies act, 1960 and interest received by the appellant from the cooperative banks which are registered under the cooperative society act is deductible under section 80P(2)(d). 08. However, the learned AO did not agree with the assessee and disallowed the above deduction. 09. On identical facts and circumstances, the disallowance was made for assessment year 2014 - 15 and 2015 - 16. For both the above years the learned CIT - A has ....
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....ing this year the assessee has declared gross total income of Rs. 11,543,690/- and has claimed deduction under section 80P(2)(d) of the act for bank interest received from cooperative banks and nationalized Bank amounting to Rs. 8,148,348/- and other income of Rs. 50,000. 013. The learned assessing officer on the same grounds held that assessee is not eligible for deduction under section 80P(2)(d) of the act for Rs. 8,148,348. The same was disallowed and assessment order was passed under section 143 (3) of the act on 7/12/2019. The assessee challenged the same before the learned CIT - A who passed an order on 16/8/2023 on similar lines and dismissed the appeal of the assessee. Therefore, assessee is in appeal. 014. The only issue in b....
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....oss total income includes any income referred to in subsection (2) it shall be deducted in accordance with and subject to the provisions of the section in computing the total income of the assessee. According to subsection (2) in case of a co-operative society engaged in carrying on the business of banking or providing credit facilities to its member is eligible for deduction of the whole of the amount of profits and gains of business attributable to anyone or more of such activities. The claim of the revenue authorities is that the amount of interest earned by this entity is not the business income of the assessee and therefore, the interest income does not fall into the amount of profits and gains of business attributable to the activitie....