2024 (4) TMI 1153

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....he Respondent : Sh. Davinder Pal Singh, Sr. D. R. ORDER Per Dr. M. L. Meena, AM: The captioned appeal has been filed by the assessee against the order of the ld. CIT(A) National Faceless Appeal Centre (NFAC), Delhi dated 21.12.2023 in respect of Assessment Year: 2018-19 challenging therein confirmation of addition of Rs.34,62,146/- to the return income on account of disallowance of deduct....

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....u/s 80P(2)(d) of the Income Tax Act, 1961 as its received income from the investment with a co-operative society which is deductible u/s 80P(2)(d) of the Income Tax Act, 1961. The counsel has submitted that the appellant's matter is covered by the co-ordinate Bench decision in the case of the Urapar Coop. Agriculture Service Society Ltd. v. Asstt. Commissioner of Income Tax, Circle-2, Jalandhar in....

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....ciety and not a Co-operative Bank. The appellant-assessee being a Co-operative Society, it is eligible for exemption on its entire interest income received from the investment with a Co-operative Bank as deductible u/s 80P(2)(d) of the Income Tax Act. 8. Respectfully fallowing the Hon'ble Apex Court in the case of "Mumbai v. M/s Annasaheb Patil Mathadi Kamgar Sahakari", (Supra) and Coordi....