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TMI Blog2024 (8) TMI 926X X X X Extracts X X X X X X X X Extracts X X X X ..... y to its Members - HELD THAT:- On perusal of provisions of section 80P(2)(d), it is clear that the income derived by a cooperative society from its investment held with other cooperative societies shall be exempt from the total income of a cooperative society. What is relevant for claiming of deduction u/s 80P(2)(d) is that interest income should have been derived from the investment made by the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re, the grounds of appeal raised by the appellant stand allowed. - Shri Inturi Rama Rao, Accountant Member For the Assessee : None For the Revenue : Shri Rajesh Gawali ORDER PER INTURI RAMA RAO, AM: This is an appeal filed by the assessee directed against the order of National Faceless Appeal Centre, Delhi dated 31.03.2024 for the assessment year 2018-19. 2. Brief facts of the case are as under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... peal. 5. When the matter was called on, none appeared on behalf of the appellant despite due service of notice of hearing. I therefore proceed to dispose of the appeal on merits after hearing the ld. Departmental Representative. 6. The ld. Sr. DR submits that the ld. CIT(A)/NFAC had rightly disallowed the deduction u/s. 80P(2)(d) and therefore no interference by this Tribunal is called for. 7. I h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f deduction u/s 80P(2)(d) is that interest income should have been derived from the investment made by the assessee cooperative society with any other cooperative society. This issue was considered by the Hon ble Karnataka High Court in the case of CIT vs. Totagars Cooperative Sale Society, 392 ITR 74 (Karn) wherein the Hon ble High Court after referring to the decision of the Hon ble Supreme Cour ..... X X X X Extracts X X X X X X X X Extracts X X X X
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