9911796707
TMI Blog2023 (5) TMI 270X X X X Extracts X X X X X X X X Extracts X X X X ..... tion u/s 80P(2)(a)(i) - Accordingly, the grounds raised by the assessee are allowed and set aside the order passed by the CIT(A). We also direct the AO to delete the addition made against the assessee in terms of assessment order passed u/s 143(3) of the Act. Appeal of the assessee is allowed. - ITA No.114/Kol/2023 - - - Dated:- 31-3-2023 - Shri Sonjoy Sarma, Hon ble Judicial Member And Shri Girish Agrawal, Hon ble Accountant Member For the Assessee : Shri Asim Kumar De, AR For the Revenue : Smt. Ranu Biswas, Addl. CIT, Sr. DR ORDER PER SONJOY SARMA, JM: This appeal filed by the assessee pertaining to A.Y. 2014-15 is directed against the order of ld. CIT(A) dated 30.03.2022 which is arising out of assessment or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... filed its return of income for the assessment year in question on 02.10.2014 by disclosing income at rupees Nil. The case of the assessee was selected for scrutiny through CASS and noticed u/s 143(2) and 142(1) were issued upon the assessee. In response to such notices, authorized representative of the assessee had appeared before the ld. AO from time to time. In the course of assessment proceedings, the ld. AO noticed that assessee had received interest from staff welfare fund and interest from staff loan totaling to Rs. 98971/- and assessee had also earned miscellaneous income of Rs. 85047/- and these two income had been taken into consideration for deduction u/s 80P of the Act. However, the ld. AO due to want of any reasonable explanati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng of Rs. 98971/- and also had earned miscellaneous income for Rs. 85047/- which represent amounts received from members for giving various services i.e. charges for closing flexi account, fine against non-payment of R/D amount due in time and those income has been duly reflected in its revenue income also. In such a situation, we viewed that income derived from such transactions are eligible for deduction u/s 80P(2)(a)(i) and the interest income earned by the assessee from staff welfare fund and miscellaneous income earned from various services provided to its members are beneficial to the members of the assessee. Therefore, we hold that assessee is eligible for claim deduction u/s 80P(2)(a)(i) of the Act. Accordingly, the grounds raised b ..... X X X X Extracts X X X X X X X X Extracts X X X X
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