2022 (4) TMI 502

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....) has erred in disallowing the claim of deduction under section 80P of Rs. 29,00,258/-. 3. Brief facts of the case is that the assessee has filed its return of income for the Asstt.Year 2016-17 on 3.9.2016 declaring total income at Rs. 1,44,11,553/-. The entire income of Rs. 1,44,11,533/- was claimed as deduction under section 80P of the Act. The above return was processed under section 143(1) of the Act by the CPC, Bangalore, and the CPC restricted the deduction under section 80P of the Act to Rs. 1,15,01,998/- and thus determined assessable income at Rs. 29,09,560/-. Accordingly, intimation under section 143(1) of the Act demanding tax at Rs. 8,30,520/- was also issued to the assessee. Aggrieved against the intimation, the assessee fil....

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.... the CPC, Bangalore as reproduced in para 6.1 above, it is presumed that the appellant did not provide complete information in its return of income. Further, the appellant did not provide any information during appeal proceedings also. As can be seen from appellant's submissions as reproduced in para 6.2 above, the appellant merely submitted that it is eligible, for Reduction u/s 80P of the Act on bank Interest income of Rs. 29,09,555/- in view of CBDT Circular No. 18/2015dated 2-11-2015. Beyond this, no details were filed. 6.4 Section 80P of the Act allows certain deductions in respect of Cooperative Societies. In the absence of details, it is not clear whether the appellant fulfills condition for claiming deduction u/s.80P of....

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....cular No.18/2015 dated 2.11.2015, but there was no supporting evidence or explanation from the assessee. In spite of number of opportunities given to the assessee, the assessee failed to file any details relating to the impugned claim of deduction. Therefore, in the absence of necessary details, the ld.CIT(A) has rightly rejected the claim of the assessee, which requires to be confirmed. 8. We have considered the submissions of the ld.DR and gone through the orders of the Revenue authorities and material available on record. We find that the only issue is regarding disallowance by CPC of deduction of Rs. 29,00,258/- claimed under section 80P of the Act while processing the return under section 143(1) of the Act. The ld.CIT(A) in para 6.1....