2025 (10) TMI 288

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.... These appeal filed by the assessee are directed against the orders of the National Faceless Appeal Centre, Delhi [CIT(A)] dated 15.02.2024 & 20.02.2024 for Assessment Year (AY) 2018-19 & 2020-21, respectively. 2. The assessee is a co-operative society engaged in the business of banking. The returns of income were filed declaring Nil income in AY 2018-19 and Rs. 7,24,640/- for AY 2020-21, res....

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....ncome could have hardly be held even derived from assessee's regular credit facilities made available to the members concerned. He further quotes PCIT & Anr. v. Totagars Co-operative Sales Society reported in (2017) 395 ITR 611 (Kar.) and submitted that the impugned disallowance has been rightly made in assessee's hand. 7. Regarding the interest income received from Treasury, Scheduled Banks, e....

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....tter of fact, in the case on hand, there is no dispute that it is not from a Co-operative Society registered under Kerala Co-operative Societies Act. The interest income earned from District Co-operative Bank/State Co-operative Bank, in the facts and circumstances of the case, do come within Section 80P(2)(d). Therefore, the income constitutes income from other sources and the only eligible deduct....