Section 80P(2)(a) of the Income Tax Act

M/S. Karnataka Power Transmiss, Raichur vs. Income Tax Officer, Ward-1, Raichur

In the result, the appeal filed by the assessee is allowed for statistical purposes

Bench: Shri Chandra Poojari & Shri Prakash Chand Yadavassessment Years : 2020-21 M/S Karnataka Power Transmiss, Vs. The Income Tax Officer, Ward – 1, 71-71, Kptcl Employee Co-Op. Power Raichur. House, Station Road, Raichur – 584 102. Pan – Aaaak 4223 F Appellant Respondent Assessee By : Smt. Sunaiana Bhatia, C.A Revenue By : Shri Ganesh R Gale, Standing Counsel For Department Date Of Hearing : 20.06.2024 Date Of Pronouncement : 24.06.2024 O R D E R Per Shri Prakash Chand Yadavthe Present Appeal Of The Assessee Is Arising From The Order Passed By The Nfac, Delhi Dated 29/04/2024 In Din No. Itba/Nfac/S/ 250/2024-25/1064431034(1) For The Assessment Year 2020-21. 2. The Assessee Is Cooperative Society Registered Under The Karnataka State Co-Operative Society’S Act 1959. The Society Is Engaged In The Activity Of Carrying Of Business Of Providing Credit Facilities To Its Members. It Filed Its Return Of Income On 24/09/2020 Declaring Nil Income. The Case Of The Assessee Was Selected For Scrutiny After Issuing Statutory Notices. During The Course Of Assessment Proceedings, Page 2 Of 4 The Ao Observed That The Assessee Has Earned Interest Income Received From Cooperative Institutions Amounting To Rs.10,12,973/- & Dividend Income Of Rs.1,13,240/-. The Ao Relying On The Judgment Of Dcit Vs. Totagars Co-Operative Society Ltd, Has Held That Assessee Is Not Entitled For Deduction On The Amounts Of Interest Income As Well As Dividend Income. Accordingly, The Ao Assessed That Income Under The Head ‘Income From Other Sources’ & Made An Addition Of Rs 11,86,369/-.