2025 (1) TMI 1724

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....AMA RAO, AM This appeal filed by the assessee is directed against the order of the National Faceless Appeal Centre, Delhi [CIT(A)] dated 19.12.2023 for Assessment Year (AY) 2020-21. 2. The appellant is a primary agricultural credit co-operative society registered under the Kerala State Co-operative Societies Act, 1969, established for the purpose of extending credit facilities to its members....

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....d, assessee is in appeal before us. 5. When the appeal was called nobody appeared on behalf of the assessee despite due service of notice of hearing. Therefore, we proceeded to dispose of the appeal after hearing the learned Sr. DR. 6. 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....

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....d used the surplus amount (the profit earned by it] for an investment or activity that was unrelated to its main business, and earned additional income 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 wo....