9911796707
TMI Blog2023 (9) TMI 1468X X X X Extracts X X X X X X X X Extracts X X X X ..... ributable to the business activity of the appellant and a good portion of the said interest income was also from the investment with the other co-operative societies which is exempt u/s. 80P(2)(a)(i) of the Act - HELD THAT:- The issue is squarely covered by the judgment passed by the Hon ble jurisdictional High Court in case of M/s. Guttigedarara Credit Co-operative Ltd [ 2015 (7) TMI 874 - KARNAT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed to as the Act ) for A.Y. 2014-15 whereby and whereunder the addition made by the Ld.AO to the tune of Rs. 2,13,74,847/- on account of interest income has been deleted. Hence the instant appeal before us by the revenue. 2. The appellant is a Credit Co-operative Society established in the year 1994, engaged in activities of providing credit facilities to its members and also taking deposits from ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rwise. According to the assessee the interest earned by the co-operative society was attributable to the business activity of the appellant and a good portion of the said interest income was also from the investment with the other co-operative societies which is exempt u/s. 80P(2)(a)(i) of the Act. The assessee relied upon the judgement passed by the Hon ble jurisdictional High Court in case of M/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ultimately deleted by the Ld.CIT(A), relying upon the judgment passed by the Hon ble jurisdictional High Court in case of M/s. Guttigedarara Credit Co-operative Ltd. (supra) and in the case of Tumkur Merchants Souharda Credit Co-operative Ltd. in ITA no. 307 of 2014 and also the order passed by his predecessor in appeals in case for A.Ys. 2012-13 and 2013- 14. 4. At the time of hearing the instan ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
