2024 (5) TMI 393

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....i ORDER PER INTURI RAMA RAO, AM: This is an appeal filed by the assessee directed against the order of Addl./JCIT(A)-2, Delhi dated 08.03.2024 for the assessment year 2015- 16. 2. Briefly, the facts of the case are that the appellant is a Credit Cooperative Society registered under Maharashtra Cooperative Societies Act, 1960. It is engaged in providing credit facilities to its members.....

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....issed the appeal of the appellant for non-prosecution. 4. Being aggrieved, the appellant is in appeal before this Tribunal in the present appeal. 5. When the appeal was called on, none appeared on behalf of the appellant despite due service of notice of hearing. After hearing the ld. DR and perusing the material on record, we proceed to dispose of the appeal ex parte qua the appellant. 6.....

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....tion under the provisions of section 80P(2)(a)(i) in respect of interest income earned by a cooperative society from the Nationalised banks/cooperative banks, there is a cleavage of judicial opinion among several High Courts on the issue of eligibility of this kind of income 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 Coop....

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....arnataka High Court in the case of Tumkur Merchants Souharda Credit Cooperative Ltd. Vs. ITO (2015) 230 taxmann.com 309 (Kar.) and the Hon'ble Telangana and Hon'ble Andhra Pradesh High Court in the case of Vaveru Co-operative Rural Bank Ltd. v CIT [(2017) 396 ITR 371 took a view that such interest income is attributable to the activities of the society and, therefore, eligible for exemption u/s 80....