TaxTMI 
TaxTMI 
2024 (6) TMI 1569
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....he appellate order passed by the National faceless appeal Centre (Delhi) (the learned CIT - A) dated 10/11/2023 wherein the appeal filed by the assessee against the rectification order passed under section 154 of the income tax act 1961 on 25/8/2022 passed by the income tax officer Ward 25 x 1 x 1, Mumbai (the AO) was under challenge, and dismissed. The only issue involved in this appeal is that the assessee has claimed deduction under section 80 P (2) (d) of the act of Rs. 276,979/- on account of interest received from its investment in another cooperative bank. 3. ITA number 73/M/2024 is filed by the assessee for assessment year 2013 - 14 against the appellate order passed by the National faceless appeal Centre, Delhi dated 10/11/2023 ....
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....f the act with respect to the interest income on by the assessee from cooperative banks. The assessee claimed in return of income such deduction for all the years. The learned central processing Centre while processing the return of income disallowed the above claim. Assessee preferred an application under section 154 of the income tax act which came to be disposed of against the assessee and therefore appeal was preferred before the National faceless assessment Centre. The learned CIT - A National faceless assessment Centre also dismissed the appeal of the assessee. 7. Contesting all the four appeals assessee has submitted detailed paper books for all the years showing that how the interest income has been earned and from whom. It was s....
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....turn of the previous year for which set off of loss is claimed was furnished beyond the due date specified under sub-section (1) of section 139; (iv) disallowance of expenditure ^70[or increase in income] indicated in the audit report but not taken into account in computing the total income in the return; (v) disallowance of deduction claimed under ^71[section 10AA or under any of the provisions of Chapter VI-A under the heading "C.- Deductions in respect of certain incomes", if] the return is furnished beyond the due date specified under sub-section (1) of section 139; or (vi) addition of income appearing in Form 26AS or Form 16A or Form 16 which has not been included in computing the total income in the ret....
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....e act. Therefore the intimation passed under section 143 (1) is not sustainable. 16. On the merits of the case, provisions of section 2 (19) define a cooperative society as under:- 19) "co-operative society"97 means a co-operative society registered under the Cooperative Societies Act, 1912 (2 of 1912), or under any other law for the time being in force in any State for the registration of co-operative societies ; 17. Thus, for the definition of the cooperative society whether covers the cooperative banks are not one has to look at the respective cooperative societies act is applicable. 18. THE MAHARASHTRA CO-OPERATIVE SOCIETIES ACT, 1960, Defines cooperative banks as per section 2 (10) of that Act as under :"- "....