Udupi District Ex-Servicemen'S Multipurpose Co-Op. Society Ltd., Udupi vs. Income Tax Officer, Ward-1 & Tps, Udupi
Accordingly, this issue is allowed for statistical purposes
ITA 77/BANG/2024[2020-21]Status: DisposedITAT Bangalore28 Feb 2024AY 2020-21
Bench: Shri Narender Kumar Choudhry & Shri Laxmi Prasad Sahuassessment Year : 2020-21 M/S. Udupi District Ex-Servicemen’S The Income Tax Multipurpose Co-Op. Officer, Society Ltd., Ward – 1 & Tps, Adi-Udupi, Udupi. Udupi – 576 103. Vs. Pan: Aabau6021F Appellant Respondent
For Appellant: Shri Mahesh R. Uppin, Advocate
Section 56Section 80PSection 80P(2)(a)
…o its members. Accordingly, the assessee was issued show cause notice. The assessee furnished reply and he also relied on the decision of Hon’ble Mumbai Tribunal Special Bench in case of The Maharashtra State Co-operative Bank Ltd. vs. ACIT reported in (2010) 38 SOT 325 in respect of income attributable to business of banking. The submissions made by the assessee against SCN were examined and the AO concluded that the reply furnished by the assessee is not acceptable because the interest received from its SCDCC bank of Rs.1,24,030/- and IDBI bank savings bank account of Rs.75,927/- totalling to Rs.1,99,957/- cann…
