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of <h1>Tribunal Upholds CIT (A) Decision on Deduction under Income Tax Act, Dismisses Appeal</h1> <h3>Uma Co-operative Credit Society Versus Principal Commissioner of Income-tax, Vadodara.</h3> Uma Co-operative Credit Society Versus Principal Commissioner of Income-tax, Vadodara. - TMI Issues:1. Validity of order passed under section 263 of the Income Tax Act.2. Disallowance of deduction under section 80P(2)(a)(i) of the Act.Issue 1: Validity of order passed under section 263 of the Income Tax ActThe appeal was filed by the Assessee against the order of the Principal Commissioner of Income Tax, challenging the assessment order passed under section 143(3) of the Income Tax Act for the Assessment Year 2012-2013. The Assessee contended that the order passed under section 263 of the Act was bad in law and should be quashed. The Principal Commissioner had held the assessment as erroneous insofar prejudicial to the interest of Revenue due to a deduction allowed under section 80P(2)(a)(i) of the Act. The Assessee argued that the assessment was wrongly deemed erroneous, and the appeal was made against this decision.Issue 2: Disallowance of deduction under section 80P(2)(a)(i) of the ActThe main contention revolved around the disallowance of a deduction claimed under section 80P(2)(a)(i) of the Act amounting to Rs. 21,44,284.00. The Assessee, a cooperative society providing credit facilities to its members, had claimed this deduction, which was initially allowed by the Assessing Officer (AO) in the assessment order. However, the Principal Commissioner later deemed this deduction as erroneous under section 80P(4) of the Act. The AO, following the direction of the Principal Commissioner, disallowed the deduction in a subsequent assessment order. The Assessee then appealed to the CIT (A), who granted the deduction under section 80P(2)(a)(i) to the Assessee. The Tribunal noted that since the Assessee got relief from the CIT (A) order, there was no grievance against the Principal Commissioner's order under section 263. Consequently, the Tribunal dismissed the appeal filed by the Assessee, considering the matter had reached finality.In conclusion, the Tribunal upheld the CIT (A)'s decision to grant the deduction under section 80P(2)(a)(i) to the Assessee, thereby dismissing the appeal.
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