2025 (6) TMI 702

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....as been filed by the assessee against order passed by the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi under section 250 of the Income Tax Act, 1961 dated 13.08.2024 pertaining to Asst.Year 2020-21. 2. The grounds raised by the assessee are as under: 1. Ld. CIT(A) has erred in law and on the facts of the case in not allowing the deduction amountin....

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....essee is a cooperative society registered under the Gujarat Co-op Societies Act, 1961. The assessee filed return of income declaring total income at Rs.NIL on 29.12.2020 thereby claiming deduction under section 80P(2)(a)(i) of Rs. 23,99,554/- and deduction under section 80P(2)(d) of Rs. 10,58,455/- of the Act. The case of the assessee was selected for complete scrutiny. After giving statutory n....

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....axation as contemplated by the AO, but the same is factually incorrect as the assessee himself disallowed the business expenses, and thereby claimed the said expenses against the interest income. 6. As regards Ground No.3, the ld.AR submitted that the deduction amounting to Rs.10,58,455/- was earned from cooperative bank interest on FDs under section 80P(2)(d) of the Act. The ld.AR pointed out ....