2024 (8) TMI 926

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....ee directed against the order of National Faceless Appeal Centre, Delhi dated 31.03.2024 for the assessment year 2018-19. 2. Brief facts of the case are as under : The appellant is a Credit Cooperative Society registered under the Maharashtra Cooperative Societies Act, 1960. It is engaged in the business of providing credit facilities to its Members. The Return of Income for the A.Y. 2018-19 was....

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..... The ld. Sr. DR submits that the ld. CIT(A)/NFAC had rightly disallowed the deduction u/s. 80P(2)(d) and therefore no interference by this Tribunal is called for. 7. I heard the ld.Sr. DR and perused the relevant material on record. The issue in the present appeal relates to the allowability of deduction u/s. 80P(2)(d) in respect of interest income earned by a Cooperative Society formed with the....

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....Court in the case of CIT vs. Totagars Cooperative Sale Society, 392 ITR 74 (Karn) wherein the Hon'ble High Court after referring to the decision of the Hon'ble Supreme Court in the case of Totgar's Co-operative Sale Society Ltd.Vs. ITO (2010) 322 ITR 283(SC) held that the ratio of decision of the Hon'ble Supreme Court is not to be applicable in respect of interest income on investment as same fall....