2023 (2) TMI 1328

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....akesh Jha, Sr. DR ORDER This appeal is filed by the Assessee against order dated 24.01.2018 passed by the CIT(A)-10, Ahmedabad for the Assessment Year 2014-15. 2. The Assessee has raised the following ground of appeal :- "1. Learned AO is not justified in denying the deduction of Rs.35,103/- under Section 80P of the I.T. Act and consequently erred in making addition of Rs.35,103/....

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....h the assessee has given reply. The Assessing Officer made addition of Rs.35,103/- thereby observing that the assessee society also received interest on account of staff loan of an amount of Rs.6,192/- which is not admissible for the deduction under Section 80P(2)(a)(i) of the Act. Thus, addition of Rs.35,103/- was made by the Assessing Officer. 4. Being aggrieved by the assessment order, the a....

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....ative Bank but the interest income of Rs.28,911/- derived on savings Bank account maintaining with Axis bank as business income of the assessee. But as per the decision of the Hon'ble Apex Court in case of Totgar's Co-operative Sales Society Limited vs. ITO, 352 ITR 283 (SC), the surplus fund which immediately not required for business purpose has been invested for the short period and such invest....