9911796707
TMI Blog2024 (2) TMI 1407X X X X Extracts X X X X X X X X Extracts X X X X ..... For the Department : Shri Vinod Kumar, Sr. DR. ORDER PER: PAWAN SINGH, JUDICIAL MEMBER: 1. This appeal by the assessee is directed against the order of the National Faceless Appeal Centre, Delhi (NFAC)/learned Commissioner of Income Tax (Appeals) [in short, the ld. CIT(A)] dated 24/11/2023 for the Assessment Year (AY) 2018-19. The assessee has raised following grounds of appeal: "1. On fac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... both of decision given by Surat ITAT by relying on the decision of honourable High Court of Gujarat in case of Surat Vankar Sahakari Sangh Limited V/s. Assistant Commissioner of Income Tax, Surat. 4. The appellant reserves right to add, alter, vary any or all grounds of appeals." 2. Brief facts of the case are that the assessee is a cooperative society, engaged in maintenance of group housin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rned on deposit with Surat District Cooperative Bank. The assessee also relied on certain case laws that the cooperative banks are primarily a cooperative society and the assessee is eligible for deduction of interest earned from such cooperative banks as has been held by Mumbai Tribunal in Kona Seema CO-operative society Vs ITO in ITA No. 2024/Mum/2023 dated 08.11.2023 and Madras High Court ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hi Sugar Staff Co. Op Credit Society Ltd. Vs DCIT. Finding the fact that the grounds of appeal raised by the assessee is apparently covered in favour of assessee, we have heard the submissions of the ld Sr DR for the revenue and perused the orders of lower authorities carefully. 6. The ld. Sr. DR for the revenue was asked to make his submission, then he supported the orders of lower authorities a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at in a series of decisions, the combination of this Bench by following the decision of Hon'ble Jurisdictional High Court in Surat Vankar Sahakari Sangh Ltd. Vs ACIT (2016) 72 taxmann.com 169 (Guj) has held that the cooperative banks are primarily the cooperative society and the interest earned on deposit with cooperative banks are eligible for deduction under Section 80P(2)(d) of the Act. Sim ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
