Interest on Bank Deposits to Co-op Society is Business Income Due to Statutory Requirement: ITAT Pune

ITO Vs Ravalnath Cooperative Housing Finance Society Ltd (ITAT Pune) The case involves two appeals filed by the Revenue against separate orders of the Commissioner of Income Tax (Appeals) [CIT(A)] for Assessment Years 2022–23 and 2020–21. These appeals arose from assessment orders passed under Sections 143(3) read with 144B of the Income Tax Act, 1961. Since the issues in both appeals were identical, they were heard together, with one treated as the lead appeal. The Revenue challenged the deletion of additions made by the Assessing Officer under Section 56 of the Act in respect of interest...