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INCOME TAX APPELLATE TRIBUNAL (MUMBAI BENCH)
Shri Narender Kumar Choudhry, J
THE ORCHARD RESIDENCY CO-OP HOUSING SOCIETY LIMITED MUMBAI – Appellant
Versus
WARD 27(3)(1) MUMBAI – Respondent
ORDER
Per : Narender Kumar Choudhry, Judicial Member:
This appeal has been preferred by the Assessee against the order dated 10.10.2024, impugned herein, passed by the National Faceless Appeal Center (NFAC)/ Ld. Commissioner of Income Tax (Appeals) (in short Ld. Commissioner) u/s 250 of the Income Tax Act, 1961 (in short ‘the Act’) for the A.Y. 2020-21.
2. In the instant case, the Assessee has earned the amounts of Rs.4,53,479/- and Rs.23,66,559/- {totaling to Rs. 28,20,038/-} being interest income from savings bank account and FD account maintained with Saraswat Co-operative Bank and Mumbai District Co-operative Bank as detailed below:
| SI. No. | Particulars | Amount (Rs.) Amount (Rs.) | |
| 1. | Interest on SB A/c with co-operative bank | 4,53,479/- | |
| Saraswat Co-op Bank - SBGOLD/39 | Rs 3, 21, 869/- | ||
| Saraswat Co-op Bank - SBGOLD/47 | Rs 91, 419/- | ||
| Saraswat Co-op Bank - SBPUB/1842 | Rs 27,668/- | ||
| Mumbai Dist. Cent. Co-op Bank - 00247 | Rs 12,503/- | ||
| 2. | Interest on FD with The Saraswat Co-op. Bank | 23,66,559/- | |
| TOTAL: | 28,20,038/- |
3. The Assessee therefore by filing its return of income for the AY under consideration on dated 11.02.2021 and declaring gross total income of Rs.35,28,608/-, has also claimed the deduction of such amount of
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