SHECOSPIN EMPLOYEES CO OP CREDIT SOCIETY LIMITED,SANGOLE vs. NATIONAL FACELESS APPEAL CENTER, DELHI

This appeal filed by the assessee is directed against the order dated 11.12.2023 passed by LD CIT(A)/NFAC for the assessment year 2017-18.

The appellant has raised the following grounds of appeal :- “1. In the facts and circumstances of the case and in law, it may please be held that the interest income of Rs.7,82,259/- earned by the appellant assessee during the previous year from Cooperative Societies and Cooperative Banks on deposits kept with them does not constitute the business income of the appellant but the same constitutes as income from other sources and hence the same is exempt u/s 80P[2][d] of the I.T. Act 1961.

The learned CIT [A] has misconstrued the Statement of facts submitted by the appellant in Form 35 wherein in Para 13 it has been mentioned that the decision of Hon SC in the ease of Totgar’s Coop Sale society Ltd v/s ITO reported in 322 ITR 283 was inapplicable. The said statement was made relating to the business of the appellant in the said case, which was carrying on business of providing credit facilities to its members and to market the agriculture produce of its members, whereas the business of the appellant assessee herein was of providing credit facilities to its members only out of surplus funds available with it and was not out of the business of providing credits to its members or public at large. In the circumstances the interest earned by the appellant society was not its business income but income from other sources and accordingly be taxed u/s 80P[2][d] of the I.T. Act 1961 4. The respondent revenue may please be directed to pay cost of this appeal to the appellant asscssee for causing harassment by not following the binding decisions of Hon, ITAT Pune Benches and decision of Hon. Supreme Court in proper perspective.

The appellant craves the permission to add, amend, modify, alter, revise, substitute, delete any or all grounds of appeal