2025 (9) TMI 1232

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....ER PER: INTURI RAMA RAO, AM This appeal filed by the assessee is directed against the order of the National Faceless Appeal Centre, Delhi [CIT(A)] dated 19.05.2023 for Assessment Year (AY) 2010-11. 2. Brief facts of the case are that appellant is a co-operative society registered under the Kerala State Co-operative Societies Act, 1969. The appellant had not filed its return of income for AY 2....

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....terial available on record. We notice that the issue related to interest income received from banks stands adjudicated by Hon'ble Jurisdictional High Court's decision in the case of PCIT v. Peroorkada Service Co-op. Bank Ltd. [2022] 442 ITR 141 (Ker) wherein their Lordships have rejected the Revenue's identical stand as under: - "12.2 Section 80P deals with Co-operative Societies' comput....

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.... other sources and the only eligible deduction is covered by Section 80P(2)(d) viz. Interest or dividend derived by the assessee from its investments with any other Co-operative Society. The source of interest income is from Bank and Treasury, interest income received from Treasury be included in the computation of total income of the assessee. In other words, interest earned from Treasury is inad....