2024 (8) TMI 1427

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....ri Rajnish Yadav, SR DR ORDER PER PRASHANT MAHARISHI, AM: 1. These are the two appeals filed by the assessee for assessment year 2020 - 21 and 2021 - 22 against the order passed by the additional CIT (joint Commissioner of income tax (appeals) - 1, Lucknow (the learned CIT - A) dated 14/3/2024 for assessment year 2020 - 21 and dated 28/3/2024 for assessment year 2021 - 22 wherein the appe....

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.... state cooperative bank and Mumbai District cooperative bank. For assessment year 2020 - 21 such interest income is Rs. 174,100/- and for assessment year 2021 - 22 it is Rs. 130,752. When the assessee filed return of income, such deduction was claimed under section 80P(2)(d) of the act. When the return was processed under section 143(1) of the act, such deduction was denied for both the assessment....

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....on (2), there shall be deducted, in accordance with and subject to the provisions of this section, the sums specified in sub-section (2), in computing the total income of the assessee. 6. According to the provisions of section 80P(2)(d) in respect of any income by way of interest or dividends derived by the co-operative society from its investments with any other co-operative society, the whole....

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....siness. In view of this it cannot be said that the interest income earned by the assessee on account of fixed deposit receipt is in savings bank account is not received from a co-operative society. It may be an altogether another thing that such cooperative societies are carrying on the banking business. Therefore, these banks are accepting fixed deposit receipts from the assessee. In view of the ....