2025 (8) TMI 1251

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... For The Respondent : Mrs.G. Saratha, Addl.CIT ORDER PER ABY T. VARKEY, JM: This is an appeal preferred by the assessee Co-operative Society against the order of the Learned Commissioner of Income Tax (Appeals)/NFAC, (hereinafter in short "the Ld.CIT(A)"), Delhi, dated 16.07.2024 for the Assessment Year (hereinafter in short "AY") 2020-21. 2. The main grievance of the assessee is aga....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....sits & gives loan to its members and also clarified to the AO that no loan was given to the non-members. And even after the assessee brought to the notice of the AO that it is registered under the Tamil Nadu State Government and filed the copy of the registration certificate along with bye-laws of the Society as well as the details of bank accounts and financials [refer Page No.3 of the assessment....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ssee clarified to the AO as well as the Ld.CIT(A) that they don't give credit/loan to the nonmembers. However, both the authorities have not bothered to look into the relevant documents filed by the assessee and has disallowed the claim in an arbitrary manner, which action can't be countenanced. Therefore, we set aside the impugned order of the Ld.CIT(A) and restore the assessment back to the file....