Income Tax Appellate Tribunal - Chennai
K. Maniyachi Primary Agricultural ... vs Acit, Che-W-(513)(93), Chennai on 18 December, 2023
आयकर अपीलीय अिधकरण 'सी' ायपीठ चे ई म।
IN THE INCOME TAX APPELLATE TRIBUNAL 'C' BENCH, CHENNAI माननीय +ी मनोज कुमार अ/वाल ,ले खासद3 एवं माननीय +ी मनोमोहन दास, ाियक सद3 केसम7।
BEFORE HON'BLE SHRI MANOJ KUMAR AGGARWAL, AM AND HON'BLE SHRI MANOMOHAN DAS, JUDICIAL MEMBER आयकरअपील सं ./ ITA No.1142/Chny/2023 (िनधा?रण वष? / Assessment Year: 2020-21) K.Maniyachi Primary Agricultural Co- ACIT, operative Credit Society, CHE-W-(513)93, बनाम 3/32, Madurai Road, Lakshmipuram Post Chennai. Inammaniyachi-628 502. / Vs. Thoothukudi Dist थायीले खासं ./जीआइआ रसं ./PAN/GIR No. AAB AK-4344-H (अ पीलाथ /Appellant) : ( थ / Respondent) अपीलाथ कीओरसे / Appellant by : Shri D.Anand (Advocate) -Ld. AR थ कीओरसे /Respondent by : Shri N.S.Phanidharan (JCIT)-Ld. DR सु नवाईकीतारीख/Date of Hearing : 18-12-2023 घोषणाकीतारीख /Date of Pronouncement : 18-12-2023 आदे श / O R D E R Manoj Kumar Aggarwal (Accountant Member)
1. Aforesaid appeal by assessee for Assessment Year (AY) 2020-21 arises out of the order of learned Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi [CIT(A)] dated 25-08-2023 in the matter of an assessment framed by the Ld. AO u/s 143(3) r.w.s 144B of the Act on 20-09-2022. In the assessment order, Ld. AO brought to tax interest income of Rs.16.89 Lacs as earned 2 by the assessee by investing surplus funds. Though the assessee preferred further appeal, it failed to make any representation during appellate proceedings. Accordingly, the assessment was confirmed against which the assessee is in further appeal before us.
2. The Ld. AR, citing recent decision of Hon'ble High Court of Madras in Thorapadi Urban Co-operative Society Ltd. (WP Nos. 11172 & ors. dated 10.10.2023), submitted that the present assessee earned interest from co-operative banks which happens to be registered as cooperative societies. Therefore, the assessee would be entitled for deduction u/s 80P(2)(d) as per para10 of this decision. The Ld. Sr. DR submitted that the relevant facts are not available on recorded.
3. Having heard rival submissions, we direct Ld. AO to verify the entities from where interest income has been earned by the assessee and apply to ratio of cited decision, if applicable.
4. The appeal stand allowed for statistical purposes.
Order pronounced in open court on 18th December, 2023.
Sd/- Sd/-
(MANOMOHAN DAS) (MANOJ KUMAR AGGARWAL)
ाियक सद3 /JUDICIAL MEMBER लेखासद3 / ACCOUNTANT MEMBER
चे3ई Chennai; िदनां क Dated :18-12-2023 DS आदे शकीSितिलिपअ /े िषत/Copy of the Order forwarded to :
1. अपीलाथ /Appellant 2. थ /Respondent 3. आयकरआयु</CIT 4. िवभागीय ितिनिध/DR
5. गाडA फाईल/GF