Just a moment...

Top
Help
Upgrade to AI Search

We've upgraded AI Search on TaxTMI with two powerful modes:

1. Basic
Quick overview summary answering your query with referencesCategory-wise results to explore all relevant documents on TaxTMI

2. Advanced
• Includes everything in Basic
Detailed report covering:
     -   Overview Summary
     -   Governing Provisions [Acts, Notifications, Circulars]
     -   Relevant Case Laws
     -   Tariff / Classification / HSN
     -   Expert views from TaxTMI
     -   Practical Guidance with immediate steps and dispute strategy

• Also highlights how each document is relevant to your query, helping you quickly understand key insights without reading the full text.Help Us Improve - by giving the rating with each AI Result:

Explore AI Search

Powered by Weblekha - Building Scalable Websites

×

By creating an account you can:

Logo TaxTMI
>
Call Us / Help / Feedback

Contact Us At :

E-mail: [email protected]

Call / WhatsApp at: +91 99117 96707

For more information, Check Contact Us

FAQs :

To know Frequently Asked Questions, Check FAQs

Most Asked Video Tutorials :

For more tutorials, Check Video Tutorials

Submit Feedback/Suggestion :

Email :
Please provide your email address so we can follow up on your feedback.
Category :
Description :
Min 15 characters0/2000
TMI Blog
Home / RSS

2023 (12) TMI 1482

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Shri Hiren Vepari, CA For the Department : Shri Vinod Kumar, Sr. DR Order under Section 254(1) of Income Tax Act PER: PAWAN SINGH, JUDICIAL MEMBER: 1. These two appeals by the assessee are directed against the separate orders of National Faceless Appeal Centre, Delhi (NFAC)/Commissioner of Income Tax (Appeals), (in short, the ld. CIT(A)) both dated 22/09/2023 for the Assessment Year (A....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....end under the "Income from other sources." (2) "With prejudice to the above, the ld. CIT(A) was not justified in denying relief u/s 80P(2)(a)(i) by holding that interest and dividend earned from co-op bank was from "Business or Profession". (3) In any case, the appellant is entitled to the benefit u/s 80P(2)(a)(i) if interest and dividend derived from co-op bank is held to be bus....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ooperative bank and with nationalized bank. The assessee is confining his claim for deduction under Section 80P(2)(d) of the Act in respect of interest income earned from cooperative banks. The cooperative banks i.e. Surat District Cooperative Bank and Sutex Cooperative Bank. The ld. AR of the assessee submits that the cooperative banks are primary cooperative society and interest income earned fr....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....sessee. I find that a very limited prayer is made by the ld. AR of the assessee about eligibility of deduction under Section 80P(2)(d) of the Act i.e. interest income from cooperative bank. I find that the Hon'ble Jurisdictional High Court in Surat Vankar Sahakari Sangh Ltd. (supra) has held that the assessee cooperative societies are eligible for deduction under Section 80P(2)(d) of the Act i....