TaxTMI 
TaxTMI 
2024 (6) TMI 1196
X X X X Extracts X X X X
X X X X Extracts X X X X
....ng the order of the AO passed u/s. 154 of the Act denying deduction 80P of the Act amounting to Rs.27,16,210. 3. The brief facts of the case are that the assessee is a credit cooperative society engaged in the business of providing credit facilities to its members. For the AY 2014-15, return of income was filed on 6.3.2015 declaring a net income of Rs.3,700, after claiming deduction u/s. 80P of the Act amounting to Rs.27,16,210. The case was selected for scrutiny and notices u/s. 143(2) & 142(1) were issued. After hearing the assessee, the AO passed an order u/s. 143(3) dated 14.12.2016 accepting the returned income. Subsequently the assessee was issued notice by the AO dated 22.7.2021 informing his intention to rectify....
X X X X Extracts X X X X
X X X X Extracts X X X X
....letter dated 22.07.2021 informs the appellant of the intention of the AO to rectify the assessment order in view of the decision of the Hon'ble SC in the case of Citizen Co-operative Society Ltd. and in the case of Saurashtra Kutch Stock Exchange Ltd. The appellant on the other hand has not gone into the merits of the case at all. Relying on the decisions of the Hon'ble SC, I refuse to interfere with the order of the AO." 5. Aggrieved by the order of the CIT (Appeals), the assessee has filed the present appeal before the Tribunal. The assessee has filed a paperbook comprising of 19 pages enclosing therein notice u/s. 154, assessment order u/s. 143(3), the case law relied on, written submissions filed before the CIT (A)....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ify the same in view of the decision of Hon'ble SC in the case of Citizen Co-operative society Ltd and The decision of Hon'ble SC in the case of Sourashtra Kutch Stock Exchange Ltd 173 Taxman 322 (SC). Your objection if any, may be furnished by 30/07/2021." 8. Since there was no response to the same, 154 order was passed on 30.3.2022 denying benefit of deduction u/s. 80P of the Act. The rectification order dated 30.3.2022 reads as follows:- "On perusal of the assessment record for the AY 2014-15, it is seen that deduction u/s 80P was wrongly granted in the order u/s 143(3) dated 14/12/2016. As the mistake is apparent from record, The same is rectified." From the above rectification order, it is seen that the AO has mer....