2022 (9) TMI 1646

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....he assessee is directed against the order passed by the National Faceless Appeal Centre (NFAC), Delhi u/s. 250 of the Income-tax Act, 1961 (hereinafter also called 'the Act') on 26-03-2022 in relation to the assessment year 2017-18. 2. The assessee is aggrieved by the denial of deduction u/s. 80P in respect of interest of Rs. 9,46,230/- earned from deposits kept with nationalised banks. 3. I ha....

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....eduction u/s. 80P on interest income and that of the Hon'ble Delhi High Court in Mantola Cooperative Thrift Credit Society Ltd. Vs. CIT (2014) 110 DTR 89 (Delhi) not allowing deduction u/s. 80P on interest income earned from banks. Both the Hon'ble High Courts took into consideration the ratio laid down in the case of Totgar's Cooperative Sale Society Ltd. (supra). No direct judgment from the Hon'....