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TMI Blog2023 (2) TMI 1328X X X X Extracts X X X X X X X X Extracts X X X X ..... ty also received interest on account of staff loan of an amount which is not admissible for the deduction u/s 80P(2)(a)(i) HELD THAT:- The fact remains that the assessee Co-operative Society has maintained its account with Axis Bank which is not a Co-operative Bank but the interest income derived on savings Bank account maintaining with Axis bank as business income of the assessee. But as per the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Act. Appeal of the assessee is allowed. - Ms. SUCHITRA KAMBLE, JUDICIAL MEMBER For the Assessee : Shri Pradeep G. Tulsian, CA For the Revenue : Shri Rakesh Jha, Sr. DR ORDER This appeal is filed by the Assessee against order dated 24.01.2018 passed by the CIT(A)-10, Ahmedabad for the Assessment Year 2014-15. 2. The Assessee has raised the following ground of appeal :- 1. Learned AO is not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rest received on deposits in savings bank account with Axis Bank of Rs.28,911/-. The Assessing Officer issued show cause notice for which the assessee has given reply. The Assessing Officer made addition of Rs.35,103/- thereby observing that the assessee society also received interest on account of staff loan of an amount of Rs.6,192/- which is not admissible for the deduction under Section 80P(2) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rd. The fact remains that the assessee Co-operative Society has maintained its account with Axis Bank which is not a Co-operative Bank but the interest income of Rs.28,911/- derived on savings Bank account maintaining with Axis bank as business income of the assessee. But as per the decision of the Hon ble Apex Court in case of Totgar s Co-operative Sales Society Limited vs. ITO, 352 ITR 283 (SC), ..... X X X X Extracts X X X X X X X X Extracts X X X X
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