TaxTMI 
TaxTMI 
2025 (12) TMI 1884
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....ome Tax (Appeals) - NFAC ("CIT(A)") under section 250 of the Act insofar as it is against the Appellant, is opposed to law, weight of evidence, natural justice and probabilities on the facts and circumstances of the Appellant's case. 2. The Appellant denies itself liable to be assessed at Rs. 31,41,854/-, pursuant to CIT(A) granting relief of Rs. 43,31,884/-, as against the returned income of NIL, on the facts and circumstances of the case. 3. The authorities below failed to appreciate that the funds maintained with the banks are corpus, for the purchase of lands to meet the objects of the appellant and the interest earned, would partake the character of corpus and not taxable as income, on the facts and circumstances ....
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....circumstances of the case. 9. The Appellant denies the liability to pay interest under section 234B of the Act in view of the fact that there is no liability to additional tax as determined by the learned Assessing Officer on the facts and circumstances of the case. The Appellant craves to add, alter, modify, substitute, change and delete any or all of the grounds and to file a paper book at the time of hearing the appeal. In the view of the above and other grounds that may be urged at the time of the hearing of appeal, the Appellant prays that the appeal may be allowed in the interest of justice and equity." 2. The brief facts of the case are that the assessee is a co-operative housing society registered under....
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....uction u/s. 80P(2)(a)(i) of the Act if the same is a business income or u/s. 80P(2)(d) of the Act if the same is an income from other sources. The Ld.CIT(A) had partly allowed the appeal by deleting the gross total income added by the AO and confirmed the net income of Rs. 31,41,854/- on the ground that the interest income was earned from co-operative banks and therefore would not be entitled for claim of deduction u/s. 80P of the Act. 3. As against the said order, the present appeal has been filed by the assessee before this Tribunal. 4. At the time of hearing, the assessee submitted that the assessee is a co-operative society and deposited its corpus funds collected from the members with the co-operative banks and earned interest ou....
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.... made by the assessee that they are entitled for deduction u/s. 80P(2)(d) of the Act seems to be a valid one. The above said view is supported by the judgment of the Hon'ble Supreme Court reported in 431 ITR 1 in the case of Mavilayi Service Co-operative Bank Ltd. v. CIT and in the case of Kerala State Co-operative Agricultural and Rural Development Bank Ltd. KSCARDB v. the Assessing Officer, Trivandrum and Ors. reported in (2023) 458 ITR 384 wherein the Hon'ble Supreme Court has held that the co-operative banks are necessarily a species of the co-operative society. Therefore the interest income earned from the said investments with the other co-operative societies are eligible for deduction u/s. 80P(2)(d) of the Act. 9. Even though this....