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The ITAT allowed the assessee's appeals, finding no merit in the penalty proceedings u/s 271A. The tribunal observed that the AO's grant of deduction u/s 80P implicitly confirmed the maintenance of books of account, rendering the penalty unsustainable. The tribunal further held that the deduction claimed u/s 80P(2)(a)(i) for loan business with members was valid, as the surplus derived from member transactions qualifies for deduction and tax exemption under mutual principles. The demand raised u/s 147 r.w.s 144 was consequently rejected, with the assessee's claims being upheld.
The ITAT allowed the assessee's appeals, finding no merit in the penalty proceedings u/s 271A. The tribunal observed that the AO's grant of deduction u/s 80P implicitly confirmed the maintenance of books of account, rendering the penalty unsustainable. The tribunal further held that the deduction claimed u/s 80P(2)(a)(i) for loan business with members was valid, as the surplus derived from member transactions qualifies for deduction and tax exemption under mutual principles. The demand raised u/s 147 r.w.s 144 was consequently rejected, with the assessee's claims being upheld.
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