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TMI Blog2022 (12) TMI 793X X X X Extracts X X X X X X X X Extracts X X X X ..... iled by the assessee is against the order passed by the Ld. CIT-(Appeals), National Faceless Appeal Centre (in short "NFAC"), Delhi on 13.07.2022 for A.Y. 2018-19. 2. The grounds of appeal raised by the assessee are as under: "1. The Ld. CIT(A) NFAC, Delhi has grievously erred in disallowing the interest amount of Rs. 19,01,887/- received from bank a/cs. (Mehsana Urban Co-op. Bank Ltd.) & Bank ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dend of Rs. 12,660/- made by the Ld. A.O. u/s. 56 of the I. T. Act, 1961 should be deleted looking to the merits of the case. 4. The appellant craves leave to add, amend, alter, edit, delete, modify or change all or any of the grounds of appeal at the time of or before the hearing of the appeal." 3. The assessee is a Credit Co-operative Society engaged in the business of providing its credit fa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e deposits were made in Scheduled Bank and there is no indication that the deposits were made in the Cooperative Banks as per the observation of the Assessing Officer. But the figures from the audited balance sheet of the society for year 31.03.2018 clearly shows that this is not an income from other sources it is a short term deposit. The society invested Rs. 1,80,00,000/- in Fixed Deposit with M ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e order of the CIT(A). 7. Heard both the parties and perused all the relevant material available on record. It is pertinent to note that the assessee has claimed deduction of Rs. 19,01,887/- being interest from Cooperative Bank i.e. The Banaskantha Dist. Central Co-op. Bank Ltd. and Mehsana Urban Cooperative Bank under Section 80P(2)(d) of the Act. From the perusal of Profit & Loss account the sa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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