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TMI Blog2019 (12) TMI 453X X X X Extracts X X X X X X X X Extracts X X X X ..... n nature and hence the same would fall outside purview of sec.154 of the Act. Accordingly, the Ld CIT(A) allowed the appeal of the assessee in part. The assessee is aggrieved by the decision rendered by Ld CIT(A) on the second issue. It is pertinent to note that the assessee did not prefer separate appeal against the original assessment order passed u/s 143(3) - A.R appearing before me submitted that the grounds of appeal raised before Ld CIT(A) were related to both the orders passed u/s 143(3) as well as u/s 154 of the Act. As noticed earlier, the Ld CIT(A) has considered only the order passed by the AO u/s 154 of the Act. Accordingly he has directed the AO to rectify the mistake with regard to the quantum of addition. With regard to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... merits. 4. The Order of Assessment passed by the learned Assessing Officer is bad in law in adding a sum of ₹ 21,99,628 as Income from other sources , voluntarily disclosed by the appellant in his return of income, as against his proposition to disallow deduction claimed under section 80P(2)(d) by the appellant. 5. The appellant denies itself liable to be assessed on total income of ₹ 43,99,256/- as determined by the learned assessing officer as against the returned income by the appellant of Rs. NIL!- under the facts and circumstances of the case. 6. The learned Assessing officer has erred in law and facts of the case, failed to appreciate that the interest income earned by the appellant ou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Act under the facts and circumstances of the case. 10. The appellant contends that the levy of interest under section 234A 234 B of the Act is also bad in law as the period, rate, quantum and method of calculation adopted by the learned assessing officer on which interest is levied are not discernible and are wrong on the facts of case. 11.The appellant craves leave to add, alter, amend, substitute or delete any or all of the grounds of appeal urged above. 12. For the above and other grounds to be urged during the course of hearing of the appeal the Appellant prays that the appeal be allowed in the interest of equity and justice. 3. The assessee is a co-operative society. The assessment of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f current year loss of ₹ 1,15,143/-) 4. Thereafter, the assessee filed a rectification petition u/s 154 of the Act before the assessing officer, wherein it was pointed out that (a) the AO having stated that he is adding a sum of ₹ 21,99,628/- has actually added ₹ 45,14,399/- resulting in excess assessment of ₹ 23,14,771/-. (b) the assessee has deposited its surplus funds only by way of investments and hence interest income is deductible u/s 80P(2)(d) of the Act. It was submitted that this view is supported by the decision rendered by Bangalore bench of ITAT in the case of Kanyakaparameswari Credit co-operative society letd (ITA No.2900/Bang/2017 dated 22-03-2018). However, the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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