2025 (6) TMI 702

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....der 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 amounting to Rs. 45,31,057/- being the interest earned fr....

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....s 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 notice and taking on record the assessee's submissions, the AO made the disal....

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....ssee 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 to the page no.38 of the paper-book, wherein it is stated that the assessee derived ....