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TMI Blog2022 (11) TMI 775X X X X Extracts X X X X X X X X Extracts X X X X ..... ltural and rural development bank, are not eligible for deduction pursuant to insertion of section 80P(4) w.e.f. 1.4.2007, but this provision does not dent the otherwise eligibility u/s 80P(2)(d) of the Act of a co-operative society on interest income on investments/deposits parked with a co-operative bank, which is a registered co-operative society as per section 2(19) of the Act, defining co-ope ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tional Faceless Appeal Centre (NFAC), Delhi u/s.250 of the Income-tax Act, 1961 (hereinafter also called the Act.) in relation to the assessment year 2018-19. 2. The only issue raised in this appeal is against the denial of deduction u/s.80P(2)(a)(i) on the interest income of Rs.32,03,362/-. 3. Succinctly, the facts of the case are that the assessee is a credit Cooperative society registere ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... O, after discussing the issue in detail and the various case laws available on the subject, disallowed such interest income amounting to Rs.52,84,507/- and held the same as chargeable under the head Income from other sources. Eventually, the AO assessed the income of the assessee at Rs.32,03,362/-. The ld, first Appellate Authority affirmed the view point of the AO on this score. Aggrieved thereb ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... edit society or a primary co-operative agricultural and rural development bank, are not eligible for deduction pursuant to insertion of section 80P(4) w.e.f. 1.4.2007, but this provision does not dent the otherwise eligibility u/s 80P(2)(d) of the Act of a co-operative society on interest income on investments/deposits parked with a co-operative bank, which is a registered co-operative society as ..... X X X X Extracts X X X X X X X X Extracts X X X X
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