2025 (2) TMI 1926

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....DER This appeal filed by the assessee is directed against the order National Faceless Appeal Centre (NFAC), Delhi [CIT(A)] dated 27.09.2024 for Assessment Year (AY) 2020-21. 2. Brief facts of the case are that the appellant is a co-operative society engaged in the financial activity. The return of income for AY 202021 was filed on 08.01.2021 declaring Nil income after claiming deduction u/s.....

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.... despite due service of notice of hearing. Therefore, we proceeded to dispose of the appeal after hearing the learned Sr. DR. 6. We notice that the issue related to interest income received from the District Co-operative bank stands covered by the decision of Hon'ble Jurisdictional High Court in the case of PCIT v. Peroorkada Service Coop. Bank Ltd. [2022] 442 ITR 141 (Ker) wherein their Lo....

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....rative Bank, in the facts and circumstances of the case, do come within Section 80P(2)(d). Therefore, the income constitutes income from other sources and the only eligible deduction is covered by Section 80P(2)(d) viz. Interest or dividend derived by the assessee from its investments with any other Co-operative Society. The source of interest income is from Bank and Treasury, interest income rece....