2025 (4) TMI 1656

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....ate. For the Respondent : Smt. Leena Lal, Sr.AR. ORDER PER PRAKASH CHAND YADAV, JM : The present appeal of the assessee is arising from the order of the learned Commissioner of Income-tax (Appeals) dated 21st August, 2024 and relates to the assessment year 2014-2015, having DIN & Order No. ITBA/NFAC/S/250/2024- 25/1067833247(1). 2. There was a delay of 66 days in filing the app....

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....the Act" hereinafter) for the reason that the interest income earned from district co-operative bank is not entitled for deduction u/s. 80P(2)(a)(i) / 80P(2)(d) of the Act. 4. Aggrieved with the order of the Assessing Officer, the assessee preferred an appeal before the learned CIT (A) and contended that the assessee is entitled for deduction u/s. 80P(2)(a)(i) of the Act inasmuch as the assesse....

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....horities below. 7. We have heard the rival submissions and perused the material available on record. We are of the view insofar as the issue involved in this appeal is squarely covered by the judgment of the Hon'ble jurisdictional High Court in the case of Sahyadri Co-operative Credit Society Ltd. 301 Taxman 36 (Ker), wherein the Hon'ble High Court in para 8 observed as under:- "We als....

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....with the principal income earned by the Society. The facts in the instant cases are entirely different and the investment concerned was of amounts that had already attained the character of surplus profits in the hands of the assessee. On this issue, therefore, we find ourselves in agreement with the view taken by the Andhra Pradesh and Karnataka High Courts respectively in The Vavveru Cooperative....