2020 (12) TMI 549

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....21(1) of the Act of Rs. 3,30,930/- on the basis of intimation u/s. 143(1)(a) and CIT(A) has also erred in sustaining the same though the case was under scrutiny assessment u/s. 143(3) of the Act and therefore, the said intimation has merged into assessment order u/s. 143(3) of the Act. 2. On the facts and circumstances of the case and in law the Ld. A.O and CIT(A)-25, has failed to appreciate that the net taxable income of the Society is nil after claim of deduction u/s 80P of the Act. 3. That the order of penalty passed by the A.O u/s 221(1) of the Act, and sustained by the CIT(A), has become in fructuous in view of the fact that the CIT(A) has allowed the claim of deduction u/s. 80P of the Act, for the entire income earned by the soci....

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....ative bank other than a primary agricultural credit society and primary cooperative agricultural and rural development bank, and he has categorized the assessee as cooperative bank as per conditions laid down u/s 56(c)(ccv) of part V of the Banking Regulation Act, 1949.Hence denied the claim deduction u/s 80P(2)(a)(i)of the Act and assessed the total income of Rs. 9,76,280/-and passed order u/s 143(3) of the Act on 10.03.2015. Subsequently, The A.O initiated penalty proceedings u/s 221(1) of the Act and observed that the assessee is in default for nonpayment of self assessment tax. Since there was no compliance on this disputed issue, the A.O has levied a penalty of Rs. 3,30,930/- u/s 221(1) of the Act vide order dated 05.03.2013. Aggrieved....