2025 (3) TMI 2230

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.... This appeal filed by the assessee is directed against the order of the Addl/Jt. Commissioner of Income Tax (Appeals)-12, Mumbai [CIT(A)] dated 11.01.2024 for Assessment Year (AY) 2017-18. 2. Brief facts of the case are that the appellant is a co-operative society registered under the Kerala State Co-operative Societies Act, 1969. The appellant had not filed regular return of income u/s. 139(....

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....ppeal before the Tribunal in the present appeal. 5. I heard the rival contentions of both the parties and perused the material available on record. I notice that the issue relates to interest income received from the District Co-operative bank stands adjudicated by Hon'ble Jurisdictional High Court's decision in the case of PCIT v. Peroorkada Service Co-op. Bank Ltd. [2022] 442 ITR 141 (Ker....

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.... Bank/State Co-operative 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, in....