2025 (2) TMI 1590

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....ndent : Ms. Monika Khare, PCIT-DR ORDER PER ANIKESH BANERJEE, J.M: The instant appeal of the revenue was filed against the order of the National Faceless Appeal Centre, Delhi [for brevity, 'Ld.CIT(A)'] passed under section 250 of the Income-tax Act, 1961 (in short, 'the Act'), for Assessment Year 2020-21, date of order 24.10.2024. The impugned order was emanated from the order of the Asse....

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...., who, considering the rulings of various High Courts and Tribunals, allowed the assessee's appeal. Dissatisfied with this decision, the revenue has now filed an appeal before us. 3. We heard the rival submissions and considered the documents available in the record. The Ld.DR vehemently argued and submitted that the assessee has claimed deduction under section 80P(2)(d) of the Act and accordin....

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....duction under section 80P(2)(d) of the Act. The Bench has considered the ruling of Hon'ble Supreme Court in the case of Totgars Co-operative Sale Society Ltd vs ITO (2010) 322 ITR 283 (SC)which was rendered in the context of section 80P(2)(d) of the Act in connection with expression use "any income by way of interest". Thus, "any income by way of interest" derived by co-operative society is eligib....