2018 (10) TMI 987

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.... evidence, facts and circumstances of the Appellant's case. 2. The appellant denies itself liable to be assessed on total income of Rs. 51,64,480/- as against the returned income by the appellant of Rs.NIL/- after claiming eligible deduction under section 80 P [2] of the Act, on the facts and circumstances of the case. 3. The learned Commissioner of Income-tax [Appeals] is not justified in law in confirming the denial of eligible deduction made by the learned assessing officer claimed by the appellant of Rs. 19,19,836/- under the provisions of section 80 P [2][a][i] of the Act as income from business and Rs. 32,44,647/- being the interest received by the appellant from its investment and claimed deduction under the provisions of sec....

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....8. Without prejudice the learned authorities below did not give the appellant a reasonable opportunity of hearing and produce the documents in support of the case of the appellant which is against the principles of natural justice and consequently the impugned orders passed requires to be cancelled on the facts and circumstances of the case. 9. Without prejudice to the right to seek waiver as per the parity of reasoning of the decision of the Hon'ble Apex Court in the case of Karanvir Singh 349 ITR 692, the Appellant denies itself liable to be charged to interest under section 234 B of the Income Tax Act under the facts and circumstances of the case. Further the levy of interest under section 234 B of the Act is also bad in law as the....

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....he Tribunal in the case of M/s Udaya Souharda Credit Co-operative Society Limited Vs. ITO in ITA No.2831/Bang/201, in which Tribunal has restored the matter to the AO in order to verify whether any cooperative registered under the Karnataka Souhardha Sahakari Act 1977 is eligible for deduction u/s 80P of the Act. Therefore, in the light of these facts this matter should go back to AO for reconsideration of the entire issue. 4. The ld counsel for the assessee on the other hand has strongly contended that assessee is registered as cooperative society under the Karnataka Co-operative Society Act. The ld counsel for the assessee however agreed that let the matter be sent back to AO for readjudication of the issue in the light of the judgment o....