2024 (6) TMI 1366

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....income tax act, 1961 (the act) dated 25/10/2022 passed by the central processing Centre on 25/10/2022 was dismissed. 02. The assessee has raised following grounds of appeal: - a. In the facts and circumstances of the case and in law, the Ld. CIT, Appeal Addl/JCIT(A) - 1 has erred in confirming the disallowance of deduction claimed of Rs. 6,04,396/- u/s 80P of the IT Act, 1961. 03. Brief facts of the case shows that assessee is a registered cooperative housing society filed its return of income on 30/12/2021 declaring a total income of Rs. 614,280/-. The return was processed under section 143(1)(a) of the act on 25 - 10 - 2022 wherein the deduction under section 80P(2)(D) amounting to Rs. 604,396/- claimed by the assessee in i....

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....supported the order of the learned CIT - A and submitted that when the assessee has not filed appeal in time, there is no fault with the learned CIT - A in dismissing the appeal without condoning the delay. On the merits he submitted that the assessee has invested money with another cooperative bank which is not a co-operative society and therefore the assessee is not eligible for deduction. 07. We have carefully considered the rival contention and perused the orders of the lower authorities. We find that the intimation under section 143(1) was passed on 25/10/2022 wherein the return of income filed in time by the assessee was processed adjusting the deduction claimed under section 80P(2)(D) of the act of Rs. 604,396/-. Assessee preferre....

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....; ^68[***]   (ii) an incorrect claim, if such incorrect claim is apparent from any information in the return;   ^69[(iii) disallowance of loss claimed, if return of the previous year for which set off of loss is claimed was furnished beyond the due date specified under sub-section (1) of section 139;   (iv) disallowance of expenditure ^70[or increase in income] indicated in the audit report but not taken into account in computing the total income in the return;   (v) disallowance of deduction claimed under ^71[section 10AA or under any of the provisions of Chapter VI-A under the heading "C.-Deductions in respect of certain incomes", if] the return is furnished beyond the due date specified under s....

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....ction 143(1) of the act. Therefore the intimation passed under section 143(1) is not sustainable. 014. On the merits of the case, provisions of section 2 (19) define a co-operative society as under:- 19) "co-operative society" 97 means a co-operative society registered under the Co-operative Societies Act, 1912 (2 of 1912), or under any other law for the time being in force in any State for the registration of co-operative societies ; 015. Thus, for the definition of the cooperative society whether covers the cooperative banks are not one has to look at the respective cooperative societies act is applicable. 016. THE MAHARASHTRA CO-OPERATIVE SOCIETIES ACT, 1960, Defines cooperative banks as per section 2 (10) of that Act as u....