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TMI Blog2022 (11) TMI 669X X X X Extracts X X X X X X X X Extracts X X X X ..... d to as 'the 'ld. CIT(A) Kolkata (National Faceless Appeal Centre. 2. Registry has informed that the both the appeal(s) filed by the assessee are time barred by 105 days. Condonation application has been filed by the assessee by way of Affidavit Dt. Nov., 10, 2021 (copy of which is placed on record). Perusal of the same shows that the delay was on account of illness of assessee's Treasurer, who looks after the tax matter. For his illness he could not communicate the lawyer for taking necessary step in filing the appeal mater in time. From 15.03.2020 till 28.02.2022 there was COVID-19 restrictions. We, therefore, in view of the reasoning therein in the affidavit and judgment of The Hon 'ble Supreme Court vide Miscellaneous Application N ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ced by the Honourable Supreme Court in the case of The Totgars Sales Cooperative Society vs. The Income Tax Officer, Karnataka, though the facts of the case and the business activities of The Totgars Sales Cooperative Society and that of the appellant are entirely different. 5. For that your petitioner craves leave to add, alter, modify or delete any of the grounds at the time of hearing of the appeal or before. 4. Brief facts of the case are that the assessee is a co-operative credit society and declared Nil income in the e-return filed on 28-03-2018 for the AY 2017-18. After the case being selected for a limited scrutiny under CASS followed by serving of notices u/s. 143(2) and 142(1) of the Act. Thereafter, the ld. AO carried out the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... account. I notice that the ld. CIT(A) denied the deduction following the judgment of Hon'ble Supreme Court in the case of Totgars Co-op Sale Society Ltd Vs. ITO (188 Taxmann.com 282) (2010), wherein the Hon'ble Apex Court laid down the ratio that interest income earned on the surplus or idle funds not immediately required for its business is not income from business taxable u/s. 28 of the Act, but was taxable as 'income from other sources' u/s. 56 of the Act. 10. However, I find that in the instant case alleged interest is neither earned on any surplus/idle funds nor from any fixed deposits. The said sum is in the nature of saving bank interest. This saving bank account in the name of the assessee society is used for carrying out the busi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... learned Assessing Authority in denying the claim of deduction u/s 80P(2)(a)(i) of the Income-tax Act, 1961 amounting to Rs. 13,52,434/-. 2. For that the Ld. Appellate Authority and the learned Assessing Authority erred in law and on facts in denying deduction u/s 80P of Income-tax Act, 1961 amounting to Rs. 13,52,434/-. The authorities treated the entire bank interest income under the head of income from other sources. 3. For that the Ld. CIT (A) erred in law and on facts in not allowing the claim of deduction of such interest income and ought to have appreciated that deposits were kept with banks for safety and prudence perspective which is at all-time available for disbursement to the members of the credit society. 4. For that the L ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on the e-portal faceless compliance. 15. Aggrieved, now the assessee is in appeal before this Tribunal. 16. The Ld. Counsel for the assessee vehemently argued and filed written submissions. 17. Per contra, the ld. Departmental Representative vehemently argued supporting the orders of the lower authorities. 18. I have considered the rival contentions and perused the material placed on record before me. While dealing with assessee's appeal (ITA No. 584/Kol/2021 for the AY 2017-18), I observed that the assessee trust was found to be eligible for deduction u/s. u/s. 80P(2)(a)(i) of the Act by the AO. I find that in the proceedings carried out u/s. 143(3) of the AY for the AY 2017- 18 there is no change of facts and figure to that of in the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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