2024 (2) TMI 1407

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....sment Year (AY) 2018-19. The assessee has raised following grounds of appeal: "1. On fact and circumstances of the case, the learned Commissioner of Income tax (Appeals) has erred in confirming addition made by the Assessing officer order passed U/s. 154 on 04.01.2022. 2. On fact and circumstance of the case, the learned Commissioner of Income tax (Appeals) has erred by not allowing deduction 80P(2)(d) of Rs. 1,21,015/- Which is otherwise eligible being the assessee is Co.Op. Housing Society. 3. On fact and circumstance of the case, the learned Commissioner of Income tax (Appeals) has erred in not considering decision Madhi Sugar Staff Co. Op. Credit Society Limited V/s. Dy. CIT by Surat Branch ITAT Tribunal ....

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....rimarily a cooperative society and the assessee is eligible for deduction of interest earned from such cooperative banks as has been held by Mumbai Tribunal in Kona Seema CO-operative society Vs ITO in ITA No. 2024/Mum/2023 dated 08.11.2023 and Madras High Court in Thorapadi Urban Co-operative Society. 4. The ld. CIT(A)/NFAC after considering the submissions of assessee upheld the order of adjustment made by CPC by holding that the income earned by way of interest from deposit or investment or surplus fund does not change its character irrespective of fact whether such income of interest is earned from scheduled bank or a cooperative bank. Further aggrieved, the assessee has filed present appeal before this Tribunal. 5. The asses....