2025 (6) TMI 2006

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....s Appeal Centre, Delhi ["learned CIT(A)"], for the assessment year 2015-16. 2. The present appeal is delayed by 572 days. Along with the appeal, the assessee has filed an application seeking condonation of delay in filing the present appeal, duly supported by the affidavit of its Secretary. In the application, the assessee submitted that during the appellate proceedings before the learned CIT(A), the assessee filed detailed written submissions on 16.01.2021 and 17.04.2021. It is further submitted that along with the aforesaid written submissions, the assessee also filed the orders passed in its own case on the identical issue. However, while passing the impugned order, the learned CIT(A) disregarded the orders for the preceding assessmen....

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....ssessee is a Co-operative Housing Society. For the year under consideration, the assessee filed its return of income on 11.09.2015, declaring a total income of Rs. 98,70,740/-. The return filed by the assessee was selected for scrutiny, and statutory notices under section 143(3) and section 142(1) were issued and served on the assessee. During the assessment proceedings, it was observed that the assessee has claimed deduction of Rs. 2,76,03,114/- under section 80P(2)(d) of the Act on interest earned from deposits in Co-operative Banks. Accordingly, the assessee was asked to show cause as to why the aforesaid interest income should not be disallowed and added back to the total income of the assessee. In response, the assessee submitted that ....

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.... its members for the maintenance of the society and spending the same on the maintenance of the society. As per the assessee, the surplus money out of the money collected from its members is kept from time to time in fixed deposits and deposits in saving bank accounts maintained with Co-operative Banks and interest is earned thereon, the details of which are as follows: - Bank Name Interest received (Rs.) Citizen Credit Co-op Bank Ltd. - FDR's 1,08,26,518/- Samrao Vithal Co-op. Bank - FDR's 94,27,617/- Shamrao Vithal Co-op. Bank - D'Monte Park (FD Interest) 3,46,077/- Shamrao Vithal Co-op. Bank - D'Monte Park (SB Interest) 21,446/- Saraswat Co-op. Bank Ltd - FDR's 65,49,288/- Citize....

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.... by the Tribunal in (i) Amit Tata Employees Co-operative Housing Society Ltd. v/s ACIT, ITA no.292/Mum./2018, A.Y. 2014-15, order dated 26.07.2019; (ii) Poonam Chambers Premises Co-Op. Society Ltd. v/s ACIT, ITA no. 4463/Mum./2017, A.Y. 2014-15, dated 23.08.2018; (iii) Merwanjee Cama Park Co-operative Housing Society Ltd. v/s ITO, ITA no. 6139/ Mum./2014, A.Y. 2010-11, order dated 27.09.2019; and (iv) ITO v/s Eternity Co-operative Housing Society Ltd., ITA no. 6159/Mum./2017, A.Y. 2013-14, order dated 15.05.2018. Consistent with the view taken in the aforesaid Co-ordinate Bench decisions in which the decision of the Hon'ble Karnataka High Court in Totagars Co-operative Society (supra), was distinguished by the Co-ordinate Bench. Therefo....