2023 (12) TMI 1341

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....s: 1. That the learned Commissioner of Income Tax (Appeals) [CIT(A)] has erred on facts and in circumstances of the case and in law so far as his order passed under section 250 of the Income Tax Act, 1961 (`the Act') which is prejudicial to the interest of the Appellant. 2. That the learned CIT (A) has erred on facts and in circumstances of the case and in law by confirming the Assessment order passed by the learned Assessing Officer who has held that the interest received by the Appellant from Cooperative Banks is not eligible for deduction u/s 80P(2)(d) of the Act. 3. That the learned CIT (A) has erred on facts and in circumstances of the case and in law by considering that the interest received by the Appel....

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.... selected for scrutiny and notice under section 143(2) of the Act was issued on 10.08.2018. During the course of assessment proceedings, assessee was directed to explain the claim of deduction under section 80P of the Act. Assessee, vide its letter dated 11.12.2019, had explained that it is entitled to deduction under section 80P of the Act. However, the explanation of the assessee was rejected and assessment was completed under section 143(3) of the Act vide order dated 27.12.2019. In the said assessment order, the AO denied the claim of deduction under section 80P of the Act. The AO held that assessee has not complied with the principle of mutuality and relied on the judgment of the Hon'ble Apex Court in the case of Citizen Co-operative S....

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....ch in turn had followed the judgment of the Hon'ble jurisdictional High Court in the case of PCIT Vs. Totagars Co-operative Sale Society Ltd., (supra). 5. Aggrieved by the order of the CIT(A), assessee has filed the present appeal before the Tribunal. Assessee has filed a Paper Book comprising of 242 pages enclosing there in the case laws relied on, the submissions made, brief facts of the case, etc. The learned AR reiterated the submission made before the AO and the CIT(A). 6. Learned standing counsel supported the orders of the CIT(A). 7. I have heard the rival submissions and perused the material on record. The solitary issue that is raised is whether CIT (A) is justified in confirming the disallowance of claim of deduction unde....