TMI Blog2015 (2) TMI 1177X X X X Extracts X X X X X X X X Extracts X X X X ..... that the said PSU Banks are not the members of the assessee-Society and consequently the interest income cannot also be attributable to the activities of the Society of carrying on the business of providing credit facility to the members. Consequently in view of the decision of the Hon’ble Supreme Court in the case of Totgar Cooperative Sale Society Limited [2010 (2) TMI 3 - SUPREME COURT ], the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essee s appeal was against the action of the ld. CIT(Appeals) in enhancing the assessment by an amount of ₹ 1,97,896/- representing the interest income received on the short-term deposits out of the surplus fund with PSU Banks, as the same was not eligible for deduction under section 80P(2)(a)(i ) of the Income Tax Act. It was the submission that in view of the decision of the Hon ble Suprem ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nsequently the interest income cannot also be attributable to the activities of the Society of carrying on the business of providing c redit facility to the members. Consequently in view of the decision of the Hon ble Supreme Court in the case of Totgar Cooperative Sale Society Limited referred to supra, the enhancement as made by the ld. CIT(Appeals) is on the right footing and does not call for ..... X X X X Extracts X X X X X X X X Extracts X X X X
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