2023 (2) TMI 1462

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....R.S. SYAL, VP: This appeal by the assessee arises out of the order dated 21-11-2022 passed by the CIT(A) in National Faceless Appeal Centre, Delhi in relation to the assessment year 2018-19. 2. Briefly stated, the facts of the case are that the assessee is a cooperative society engaged in the business of providing credit facilities to its members. The assessee filed the return declaring gros....

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....rd both the sides and gone through the relevant material on record. It is seen that the assessee is a co-operative society which earned interest from various cooperative banks, scheduled banks/financial institutions. Insofar as the allowability of deduction u/s.8P(2)(a)(i) interest income earned from banks is concerned, I find that the Pune Tribunal in Sureshdada Jain Nagari Sahakari Patsanstha Ma....

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....in the case of Totgar's Cooperative Sale Society Ltd. (supra). No direct judgment from the Hon'ble jurisdictional High Court on the point having been pointed out, the Tribunal in Shri Laxmi Narayan Nagari Sahakari Pat Sanstha Maryadit (supra) preferred to go with the view in favour of the assessee by the Hon'ble Karnataka High Court in the case of Tumkur Merchants Souharda Credit Cooperative Ltd. ....