TaxTMI 
TaxTMI 
2025 (4) TMI 2050
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.... Leena Lal, Sr. D.R. ORDER PER: INTURI RAMA RAO, AM This appeal filed by the assessee is directed against the order of the National Faceless Appeal Centre, Delhi [CIT(A)], dated 29.07.2024 for Assessment Year (AY) 2018-19. 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 filed t....
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....n the case of Pr. CIT vs. Peroorkada Service Co-op. Bank Ltd. [2022] 442 ITR 141 (Ker). However, confirmed the addition made on account of interest received from banks other than co-operative banks of Rs. 14,78,544/-. 4. Being aggrieved, the appellant is in appeal before us in the present appeal. 5. We have heard rival contentions and perused the material available on record. 6. Learned C....
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.... Credit Society Ltd. in ITA No. 63 of 2019, wherein it was held as under: - " The question that arises therefore is whether, merely because the assessee chooses to deposit its surplus profit in a permitted bank or financial institution, and earns interest on such deposits, such interest would cease to form part of its profits and gains attributable to its business of providing credit faci....
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....ry Statute that regulated, and thereby legitimized, its business of providing credit facilities to its members. Under those circumstances, if the assessee managed to earn some additional income by way of interest on the deposits made, it could only be seen as an enhancement of the profits and gains that it made from its principal activity of providing credit facilities to its members. The nature a....