2022 (8) TMI 1609

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....For the Respondent : Ms. Beena Santosh. ORDER This appeal by the assessee is directed against the order of Commissioner of Income Tax(Appeals), National Faceless Appeal Centre, Delhi [in short 'the CIT(A)'] dated 18/10/2021 for the assessment year 2015-16. 2. The solitary issue raised by the assessee in appeal is against disallowance of deduction claimed under section 80P(2)(a)(i)/80P....

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...., the assessee filed appeal before the CIT(A). The CIT (A) upheld the findings of Assessing Officer by further placing reliance on the decision of Hon'ble Supreme Court of India in the case of Totgars Co-operativeSale Society Ltd. vs. ITO, 188 Taxman 282. 3.1 The ld. Authorized Representative of the assessee submitted that the assessee being a Co-operative Society is eligible for deduction ....

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....on'ble Supreme Court of India in the case of Totgars Co-operative Sale Society Ltd. vs. ITO(supra). 5. Both sides heard, orders of authorities below examined. Undisputedly the assessee has received interest and dividend income from deposits/investments with Co-operative Bank. The Assessing Officer and CIT (A) has disallowed the assessee's claim of deduction under section 80P(2)(d) of the Ac....

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....) of the Act. It would be relevant to mention here that the Hon'ble High Court while rendering the later judgement has not considered the earlier decision rendered in the case of Totagars, Co-operative Sale Society (supra). 8. No judgement by the Hon'ble Jurisdictional High Court on this issue was brought to our notice. The Hon'ble Bombay High Court in the case of K. Subramanian vs. Sie....