2022 (7) TMI 1001

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..... Shri N.K. Khalkho, Sr. D/R ORDER PER RAJPAL YADAV, VICE PRESIDENT : The present appeal is directed at the instance of the assessee against the order of the learned Commissioner of Income Tax (Appeals) - Jamshedpur, dated 12/09/2017, passed under Section 250 of the Income Tax Act, 1961 (in short "the Act"), for Assessment Year 2014-15. 2. The assessee has taken five grounds of appeal out of wh .....

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..... t at 2.94% in the accounts. The Assessing Officer was not satisfied with the calculation of this profit at Rs.1,89,518/-. He was of the view that the assessee should have shown profit at least @ 8% of the total receipt. The Assessing Officer confronted the assessee with regard to the above and ultimately recorded a finding in paragraph nos. 3.5. & 3.6. of the assessment order that, the assessee fa .....

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..... ee and estimated the profit at 8%. He accordingly worked out an addition of Rs.3,75,972/-. After going through the well-reasoned finding of both the lower authorities, we do not find any reason to interfere with the same, because according to the finding of the Assessing Officer, no details were submitted by the assessee. Accordingly, this ground of the assessee's appeal is dismissed. 5. Ground N .....

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..... e the Tribunal is that investment made out of the surplus funds with Jharkhand State Co-operative Bank. Whether interest income earned from that investment is eligible for deduction or not. This claim has been made by the assessee u/s 80P(2)(d) of the Act. We deem it appropriate to take note of these provisions which read as under:- "80P. (1) Where, in the case of an assessee being a co-operativ .....

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..... o-operative society by an assessee by way of the interest or dividend shall be eligible for deduction u/s 80P(2)(d) of the Act. The Jharkhand State Cooperative Bank, happens to be a society first and thereafter a bank. Therefore, interest income earned from this bank on investment of surplus fund will qualify for grant of deduction u/s 80P(2)(d) of the Act. We accordingly, delete this disallowance .....

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