2018 (6) TMI 267

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....e are time barred by 94 days. In order to explain the delay, the assessee has filed an application for condonation of delay along with affidavit of Shri Jagdishchandra C. Vaidh. It has been deposed in the affidavit that Shri Jagdishchandra C. Vaidh is 50 years of age and he is the Secretary-cum- Manager of the Society. The order of the CIT(A) was served upon the Society on 06.05.2014; somehow, Shri Jagdishchandra C. Vaidh has an eye problem and he was operated. He remind confined to bed for more than three months; therefore, could not file the appeal within the time. Learned Departmental Representative, on the other hand, submitted that a perusal of the medical certificate attached by the assessee would indicate that just 3-4 days before th....

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....in Assessment Year 2011-12, it has declared 'Nil' income, after claiming deduction under Section 80(P)(2) of the Income-tax Act. The assessee has made following investments:-   AY - 2008-09 AY - 2011-12 Investment & Deposit     B.D.C.C. Bank share 45000.00 45000.00 B.K. Dist. Oil Share 10025.00 10000.00 IFFCO Share 1000100.00 1000000.00 KRIBHACO Share 500100.00 500000.00   It has shown following dividend income:-   AY - 2008-09 AY - 2011-12 Dividend income     From Banas Bank share 4050.00 2700.00 From IFFCO 200000.00 200000.00 From KRUSHCO 100000.00 100000.00   6. According to the assessee, ....

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....t on the aforesaid interest/dividend income. Moreover, the findings of Hon'ble ITAT in the case of Jafari Momin Vikas Co-Op. Credit Society Ltd. over this issue is fact specific and could not be applied over the facts of the present case as the appellant has not demonstrated that facts of both the cases were identical." 8. The relevant clauses of Section 80P of the Act read as under:- "80P. (1) Where, in the case of an assessee being a co-operative society, the gross total income includes any income referred to in sub-section (2), there shall be deducted, in accordance with and subject to the provisions of this section, the sums specified in sub-section (2), in computing the total income of the assessee. (2) The sums referred t....