TaxTMI 
TaxTMI 
2023 (2) TMI 159
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....or the assessee in as much as the accounts of the society are subject to Audit as prescribed under section 63 of the Karnataka Cooperative Societies Act, 1959. 4. The learned CIT (A) failed in appreciating that appellant has claimed the deduction u/s 80P(2)(a)(i) by filling revised return well within the time allowed under the statue hence there is mistake apparent in not considering the deduction as claimed by the appellant. 5. The learned CIT (A) further failed to appreciate that the appellant filed both Original and the Revised Return within time allowed under the statue for allowing the claim of the appellant. 6. The learned CIT (A) further failed to appreciate that the CPC erred in considering the REVISED RETURN as "ORIGINAL" while income adopted is as per "REVISED RETURN" 7. The learned CIT (A) further failed to appreciate that the CPC erred in considering the due date for filing the Return for the assessee is 31-08-2018 instead of 31-10- 2018 as applicable to Cooperative Societies as their books of account are required to be audited. 8. Without prejudice the disallowances as confirmed by the learned CIT (Appeals) are arbitrary exc....
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.... which the learned Income Tax Officer failed to appreciate. 6.3 As per the Intimation u/s.143(1) dt.7/6/2019, due date for filing the original return was 31/08/2018 and the assessee filed the return of income on 16/11/2018. As per section 80AC deduction under any provision of the Chapter under the heading "C.-Deductions in respect of certain incomes" shall not be allowed to an assessee unless the assessee furnishes a return of income for such assessment year on or before the due date specified under sub-section (1) of section 139. The provisions of clause (ii) of section 80AC are applicable from A.Y 2018-19 onwards and hence the first return affected by the amended provision is the return related to the F.Y 2017-18 relevant to the A.Y 2018-19. 6.4 [2022] 138 taxmann.com 571 (Madras) AA520 Veerappampalayam Primary Agricultural Cooperative Credit Society Ltd vs DCIT (A.Y 208-19), Hon'ble High Court of Madras held - Provisions of section 80AC(ii) make it clear that any deduction that is claimed under Part C of Chapter VIA would be admissible only if return of income in that case were filed within prescribed due date. 6.5 In the present ....
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....per notification issued by the CBDT. He also submitted that in the ITR-V which is an income tax return form in which the assessee has mentioned that the books of accounts that is not liable for audit under section 44AB of the Act (under the audit information) and he has also left blank column No.D and E. The coloumn No. E directs as under: "If liable to audit under any Act other than Income Tax Act, mention the Act, section and date of furnishing the Audit Report". 5.1. The assessee has not mentioned anything even in the original return filed by the assessee. He has not given any information about the audit under any other law as per column No. E in original return also. The assessee has mentioned that it is not liable for audit under section 44AB of the Act. Once the assessee himself accepted that it is not covered in other Act for and till date, no audit report furnished by the assessee under section 44AB of the Act or under any other law, the assessee has submitted small Paper Book containing pages 1 to 9 in which the Profit and Loss Account has been enclosed dated 114.11.2018 even it has not been signed by any of the auditor. The learned DR further submitted that in....
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....certified signed by a Chartered Account Shri. S. G. Kulkarni but not Tax Audit Report. I found substance on the submission of the learned DR. and relying on the judgment of Hon'ble Supreme Court of India cited by the learned DR, the assessee cannot make fresh claim in the revised return which was not claimed in the original return of income, only the omission or wrong statement may be revised as stated in section 139(5) as held in pra No. 09 of judgment which is as under :- 9. In such a situation, filing a revised return under section 139(5) of the IT Act claiming carrying forward of losses subsequently would not help the assessee. In the present case, the assessee filed its original return under section 139(1) and not under section 139(3). Therefore, the Revenue is right in submitting that the revised return filed by the assessee under section 139(5) can only substitute its original return under section 139(1) and cannot transform it into a return under section 139(3), in order to avail the benefit of carrying forward or set-off of any loss under section 80 of the IT Act. The assessee can file a revised return in a case where there is an omission or a wrong statement. But....