2025 (12) TMI 539

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.... the assessee is directed against the order of the National Faceless Appeal Centre, Delhi [CIT(A)] dated 24 07.2025 for Assessment Year (AY) 2020-21. 2. Brief facts of the case are that is that appellant is a co- operative society registered under the Kerala State Co-operative Societies Act, 1969. It is engaged in the business of accepting deposits from members and providing credit facilities t....

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....nt appeal. 5. I heard the rival contentions and perused the material available on record. Regarding the interest income received from Treasury, Scheduled Banks, etc., this issue is no longer res integra, as it is covered by the judgement of the Hon'ble Jurisdictional High court in the case of CIT vs. Sahyadri Co-operative Credit Society Ltd. in ITA No. 63 of 2019, wherein it was held as und....

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....me by way of interest or gain through such activity. The assessee had only deposited the profit earned by it in the manner mandated under Section 63 of the Multi-State Co-operative Societies Act, or permitted by Section 64 of the said Act. In other words, it dealt with the surplus profit in a manner envisaged under the regulatory Statute that regulated, and thereby legitimized, its business of pro....