TaxTMI 
TaxTMI 
2024 (10) TMI 653
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....y the appellant society directed against the order of Addl/JCIT(A), Surat, dated 25.06.2024 for the assessment year 2017-18. 2. Brief facts of the case are that the appellant is Cooperative Society governed by the provisions of Maharashtra Cooperative Societies Act, 1960. It is engaged in the business of collecting deposits and lending money to its members. The Return of Income for the assessment....
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....llant to furnish the explanation as to why the interest received out of the fixed deposits with Nationalised Banks should not be added as it does not qualify for deduction u/s. 80P(2)(a)(i). The appellant filed its reply. After considering the submissions made by the appellant society, the assessment was completed by the Assessing Officer vide order dated 03.12.2019 passed u/s. 143(3) of the Act a....
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....s that no interference by this Tribunal is called for. 7. I heard the rival submissions and perused the material on record. The solitary issue in the present appeal relates to the eligibility of the assessee for exemption u/s. 80P(2)(a)(i) of the Act in respect of interest income earned from Nationalised Banks. 8. As regards, the issue as to the allowability of exemption under the provisions of....
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....a High Court in the case of CIT Vs. Southern Eastern Employees Cooperative Credit Society Ltd. 390 ITR 524 took a view that the income arising on the surplus invested in short term deposits and securities cannot be attributed to the activities of the society and, therefore, not eligible for exemption u/s. 80P(2)(a)(i) of the Act. However, the Hon'ble Karnataka High Court in the case of Tumkur Merc....