2023 (12) TMI 1482

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....ial Member For the Assessee : 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 22/0....

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....classified the interest and dividend 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 ....

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....interest income on deposit with cooperative 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 soci....

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....lied upon by the ld. AR of the assessee. 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 und....