2024 (10) TMI 640

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.... passed by National Faceless Assessment Centre, Delhi / Assessing Officer passed assessment order under section 143(3) r.w.s. 143(3A) r.w.s. 143(3B) of the Income Tax Act, 1961 (here in after referred to as 'the Act') dated 24.02.2021. The assessee has raised the following grounds of appeal:- "1. On the facts and the circumstances of the case as well in law, the CIT(Appeals) erred in confirming the order passed by ITO, NeAC, Delhi (for the sake of brevity "The AO") u/s 143(3) of the Act for the income assessed at Rs. 2,82,56,901/- against the returned income at Rs. Nil denying the deductions claimed under Chapter VIA of the Act for the aggregate amount of Rs. 6,12,18,004/- (subject to the availability of Gross Total Income), purely....

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....cts of the present case" and hence, the order of the AO being without jurisdiction, unwarranted of facts, arbitrary, baseless, conjectural and patently in contravention to the law laid down by the jurisdictional High Court of Gujarat resulting into judicial indiscipline, is liable to be struck down. 4. On the facts and in the circumstances of the case as well in law, the learned AO has grievously failed to appreciate in the right, lawful and proper perspectives, the documentary evidences available in the assessment and/or appeal records and the detailed explanations substantiated by the documentary, authentic and cogent evidences submitted during the course of assessment and/or appeal proceedings, while arbitrarily and subjectively....

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....he assessing officer included the figure of interest income earned from GEB, GGCL and on saving bank accounts, which is not claimed by assessee in its computation of total income. The claim of deduction under section 80P(2)(d) is only of Rs. 3,00,21,194/-. The assessing officer disallowed such deduction by taking view that such interest income is not earned from co-operative society rather earned from co-operative bank and to be taxed as income from other sources. The assessing officer also relied on decision of Karnataka High Court in Totagar Co-operative sales Society Vs PCIT (2017) 83 taxmann.com 140(Knt). The NFAC/Ld.CIT(A) also confirmed the finding of Assessing Officer. Ld.AR of the assessee submits that ground of appeal raised by the....

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.... assessee in its profit and loss account besides other interest income earned from Gujarat Electricity Board and interest income on the Assessing Officer while passing assessment order disallowed deduction of interest and dividend earned from Surat District Co-Operative Bank of Rs. 3.02 crores and figure so arrived dividend and interest from co- operative bank which includes interest from G.G.C.L., GEB and interest on savings accounts aggregate of Rs. 3,02,61,008/-. The NFAC/Ld.CIT(A) confirmed the action of Assessing Officer. Before us Ld. AR of the assessee submits that he has confined its claim to the extent of interest income of Rs. 3,00,21,194/- which is interest income from Surat District Co-Operative Bank. We find that in a series of....