TaxTMI 
TaxTMI 
2023 (9) TMI 1468
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....t : Shri V. Parithivel, JCIT (DR) ORDER PER MADHUMITA ROY, JUDICIAL MEMBER The instant appeal filed by the revenue is directed against the order dated 04.05.2023 passed by the National Faceless Appeal Centre (NFAC), Delhi arising out of the order dated 15.01.2016 passed by the ITO, Ward No. 7(2)(4), Bangalore u/s. 143(3) of the Income Tax Act, 1961 (hereinafter referred to as "the Act") for A.Y....
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....14 and 2012-13 he was of the opinion that the interest income was not earned out of business carried on by the appellant credit society and thus the same was liable to be added relying upon the judgment passed by the Hon'ble Apex Court in case of M/s. Totgar Sales Credit Co-op. Society Ltd. vs. ITO, Karnataka reported in 320 ITR 238 SC. 3.1 The case of the assessee was otherwise. According to the....
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....he appellant society and the judgment mentioned hereinabove in case of M/s. Guttigedarara Credit Co-operative Ltd. (supra) squarely applies to the facts of the present case. The ultimate prayer was to allow the income earned by the assessee. However, such contention made by the assessee was found to be not acceptable and the addition was made to the impugned amount which was ultimately deleted by ....