2025 (8) TMI 878

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....MEMBER : The captioned appeal pertaining to Assessment Year 2020-21 at the instance of assessee is directed against the order dated 30.08.2024 passed by National Faceless Appeal Centre, Delhi u/s.250 of the Income-tax Act, 1961 (hereinafter referred to as 'the Act') which in turn is arising out of Assessment Order dated 22.09.2022 passed u/s.143(3) r.w.s.144B of the Act. 2. At the outset, I ....

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....he Maharashtra Cooperative Societies Act. It is engaged in the activity of accepting deposits from its members and providing credit facilities to them. The assessee filed the return of income for the A.Y. 2020-21 on 02.01.2021 declaring Nil income after claiming deduction under Chapter VIA at Rs. 13,39,682/-. After the case selected for Scrutiny followed by validly serving of statutory notices u/s....

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....hearing. I therefore proceed to dispose of the appeal with the able assistance of ld. Departmental Representative exparte qua the assessee. 8. Coming to the issue on merits, I have heard the ld. Departmental Representative and perused the material on record. In the instant case, the Assessing Officer disallowed interest income of Rs. 13,39,682/- earned out of the Fixed deposits/Investments made....

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....anstha Ltd., Vs. ITO in ITA No.1365/PUN/2023, dated 01.01.2024 dealing with similar issue after placing reliance on another decision of this Tribunal in the case of The Ugar Sugar Works Kamgar & Dr. Shirgaokar Shaikshanik Trust Nokar Co-op Credit Society vs. ITO in ITA No.84/PAN/2018, dated 27.05.2022 has held that the interest earned from deposits with Cooperative Banks are also eligible for dedu....