2024 (8) TMI 879

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.... This is an appeal filed by the assessee directed against the order of National Faceless Appeal Centre, Delhi dated 23.03.2024 for the assessment year 2017-18. 2. Brief facts of the case are as under : The appellant is a Cooperative Society registered under the Maharashtra Cooperative Societies Act, 1960. It is engaged in the business of accepting deposits and providing credit facilities to ....

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....me of Rs. 87,74,075/- earned is clearly not attributable to the activity of the appellant society of providing credit facilities to its Members or its operational income, thus the income does not qualify for deduction u/s. 80P(2)(d) of the Act. Accordingly, he brought to tax the sum of Rs. 87,74,075/- treating the same as 'Other Income" u/s. 56 of the Act. 3. Being aggrieved, an appeal was file....

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....0P(2)(d) in respect of interest income earned by a Cooperative Society formed with the object of accepting deposits from Members and lending money to its Members, which is no more res integra in view of catena of decisions passed by this Bench on this very issue. 8. In the present case, I find that admittedly the interest income was earned from various cooperative banks. On perusal of provision....