9911796707
TMI Blog2025 (4) TMI 1483X X X X Extracts X X X X X X X X Extracts X X X X ..... A), Delhi (for short NEAC) for A.Y 2014-15 confirming the disallowance u/s 80P(2)(d) of Rs. 16,71,482/ in respect of interest income from Co-operative banks is wholly illegal, unlawful and against the principles of natural justice. 1.2 The order passed by Ld. AO is wholly illegal and unlawful in as much as the new assessment procedure laid down u/s 144B read with the National Faceless Assessment Scheme which is mandatory. 1.1 The Ld. NFAC has grievously erred in law and or on facts in not considering fully & properly the written submissions, recent case laws, past record and orders passed in earlier years on the issue under appeal. 2.1 The Ld. NFAC has grievously erred in law and or on facts in confirming the disallowance of the deduc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tice u/s. 148 of the Act was issued on 29-03- 2021 and served to the assessee. Notice u/s. 142(1) of the Act was issued on 05-11-2021. No compliance was made in response to the notice u/s. 148 of the Act and 142(1) of the Act by the assessee. Again, notice u/s. 142(1) of the Act was issued on 15-12-2021 and 23-12-2021. The assessee filed written submission on 28-12-2021 and also furnished the copy of acknowledgement of return of income which was filed on 28-12-2021 declaring total income at Rs. nil. The notice u/s. 143(2) of the Act was issued to the assessee on 09-02-2021. The assessee furnished written submission in compliance to notices and stated that the assessee is a cooperative society engaged in business of providing credit faciliti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... igible for deduction u/s. 80P(2)(d) of the Act. The ld. A.R. submitted that the disallowance has been made following the decision in case of Totagarh Co-operative Sale Society Ltd. vs. ITO, Karnataka (2010) 155 taxman 282 (SC) and Cooperative Sales Society vs. PCIT 92017) 83 Taxmann. Com 140 (SC). The ld. A.R. submitted that this decision is not applicable in the assessee's case because in that case the said society had placed the deposits with the State bank of India and claimed deduction u/s. 80P(2)(a)(i) but in the present case, the assessee received the interest income from the deposit placed with another co-operative societiy i.e. Dena Gujarat Gramin Bank and Sabarkantha Dist. Central Co-operative Bank Ltd. The ld. A.R. relied upon the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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