2024 (11) TMI 1532

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....he Respondent : Smt. Mamta Singh, Sr DR ORDER PER DR. B.R.R. KUMAR, VICE-PRESIDENT : This appeal has been filed by the Assessee against the order passed by the Ld. Commissioner of Income-tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi (hereinafter referred to as "CIT(A)" for short), dated 16.03.2024 passed under Section 250 of the Income-tax Act, 1961 [hereinafter referred to....

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.... Rs. 13,74,296/- without appreciating the fact that any income received from the investment held with a Cooperative Bank is eligible for deduction under section 80P(2)(d) of the Act. 4. In law and in the facts and circumstances of the case of the Appellant, the Ld. CIT(A) has grossly erred in upholding disallowance of deduction claimed u/s 80P(2)(a) (i) of the Act amounting Rs. 58,95,436/....

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.... who also dismissed the appeal of the assessee . 5. Aggrieved, the assessee is now in appeal before the Tribunal. 6. Heard the arguments of both the parties and perused the record before us. The additions are as under:- ● U/s 80P(2)(d) - Rs. 13,74,296/- - FD interest from Mehsana Dist. Central Co-operative Bank and Rajkot Nagarik Sahakari Bank. 6.1. The provisions of Sectio....

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....e assessee has earned interest from its investments with other cooperative societies, Hence the assessee is eligible for deduction under Section 80P(2)(d) of Rs.13,74,296/-. ● U/s 80P(2)(a)(i) - Rs.58,95,436/- - Advances to Members of Co-Operative Society 6.3 The provisions of Section 80P(2)(a)(i) are as under:- "80P. (1) Where, in the case of an assessee being a co-o....