2024 (4) TMI 1112

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.... the assessee directed against the order of the National Faceless Appeal Centre, Delhi ['NFAC'] dated 22.02.2024 for the assessment year 2018-19. 2. Briefly, the facts of the case are that the appellant is a Souhard Cooperative registered under the Maharashtra Cooperative Society Act, 1960, engaged in providing credit facilities to its members. The Return of Income for the assessment year 2018-19....

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.... 4. Being aggrieved, the appellant is in appeal before this Tribunal in the present appeal. 5. It is submitted before me that the issue is decided in favour of the assessee by placing reliance on the several decisions of the Tribunal as well as the decision of the Co-ordinate Bench of this Tribunal in the case of Sai Prerana Gramin Bigarsheti Sahakari Pat Sanstha Maryadit Vs. ITO and others in IT....

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....ncome for exemption u/s. 80P(2)(a)(i) of the Act. The Hon'ble Punjab & Haryana High Court in the case of CIT vs. Punjab State Cooperative Federation of Housing Building Societies Ltd. 11 taxmann.com 448, the Hon'ble Gujarat High Court in the case of State Bank of India Vs. CIT 389 ITR 578 (Guj.), the Hon'ble Delhi High Court in the case of Mantola Co-operative Thrift & Credit Society Ltd. Vs. CIT ....

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....ok a view that such interest income is attributable to the activities of the society and, therefore, eligible for exemption u/s 80P(2)(a)(i) of the Act. Similar view has been taken by the Hon'ble Calcutta High Court in the case of PCIT vs. Gunja Samabay Krishi Unnayan Samity Ltd., 147 taxmann.com 518 (Calcutta) and the Hon'ble Madras High Court in the case of Chennai Central Co-operative Bank Ltd.....