9911796707
TMI Blog2025 (3) TMI 1224X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee is a Cooperative Credit Society engaged in the activity of providing credit facilities to Members. Return of income for the A.Y. 2020- 21 was furnished on 13.02.2021 declaring Nil income after claiming deduction under Chapter VIA at Rs. 74,75,336/-. Case selected for Complete Scrutiny followed by validly serving of statutory notices u/s. 143(2)/142(1) of the Act. Based on the information available, the ld. Assessing Officer (AO) noticed that the assessee has earned interest income from various cooperative banks aggregating to Rs. 1,63,98,998/-, which in his opinion does not quality for deduction u/s. 80P(2)(a)(d) of the Act. Thus, he brought to tax the said interest income disallowing the deduction u/s. 80P(2)(d) claimed by th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cient opportunity to the assessee to adduce evidence relevant to any ground of appeal. 5. No such circumstances exist in the case of the assessee. The order u/s 144 of the Act, dated 02.09.2022 was passed after giving sufficient opportunities to the assessee. It is pertinent to mention here that the appellant, who was much vigil to prefer the appeal but, did not bother to attend the assessment proceedings conducted by the Assessing Officer. 6. The assessee has, during the assessment proceedings before AO has not participated nor in its application has stated that it was prevented by sufficient cause from producing before the AO the details being submitted by it as "additional evidence". Since the appellant was not prevented by any suffi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reciating that the assessee had not submitted any additional evidences and hence, there was no reason to dismiss the appeal filed by the assessee. 3] The learned CIT(A) failed to appreciate that the assessee had not submitted any additional evidences and therefore, there was no question of dismissing the appeal of the assessee on the ground that the assessee had filed additional evidences in the course of appellate proceedings. 4] The learned CIT(A) erred in not appreciating that the learned A.O. was not justified in disallowing the deduction of Rs. 1,63,98,998/- claimed u/s 80P in respect of the interest income earned by the assessee from investment in other co-operative banks and hence, the claim made by the assessee should have been ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stments kept with various cooperative banks and the said interest income is eligible for deduction u/s. 80P(2)(d) by virtue of catena of decisions rendered on this very issue. However, a prayer was made to remit the issues back to the file of Jurisdictional Assessing Officer for examining the deduction claimed by the assessee, in accordance with law. 6. Ld. Departmental Representative on the other hand relied on the orders of the authorities below. 7. We have heard both the sides and perused the record placed before us. In the instant case, the Assessing Officer disallowed the interest income of Rs. 1,63,98,998/- earned out of the Fixed deposits/Investments made with Cooperative Banks treating the same as Income from Other Source. Ld.CIT( ..... X X X X Extracts X X X X X X X X Extracts X X X X
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