TaxTMI 
TaxTMI 
2024 (9) TMI 1696
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....ority is against the law and facts and deserved to be quashed 2) That the learned assessing authority was not justified in imposed tax and interest amounting Rs 689366 by disallowing deduction under chapter VI -A in respect of section 80P of the Income Tax Act 1961, as assessee is providing banking /credit facilities to its members and covered u/s sec 80P (2)(a)(1) without considering the facts of the case which is highly arbitrary, illegal, unwarranted & uncalled for. 3) That the assessee has filed rectification but same are rejected, copy of rectification made are enclosed. 4) That the learned assessing authority erred not placing any reliance on the material placed during the proceedings. 5) That it is....
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....erefore, the assessee having claimed the deduction under wrong section and, thus, the appeal was dismissed by the CIT(A). 5. It is submitted that it is a fact that assessee is entitled to deduction u/s 80P(2)(a)(i) and even same was allowed year after year and it was only on account of wrong claim made by the Counsel of the assessee in the return that the said deduction was not allowed. It is settled law that on the mistake of counsel, no litigant should suffer as per the judgment of Hon'ble Punjab & Haryana High Court in the case of Sh. Manoj Ahuja (Miner) & Another Vs Inspecting Assistant Commissioner as reported in 150 ITR 696 (P&H, 6. Further, reliance is being placed on the following judgments that even if there i....
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.... findings given by the Addl./JCIT(A) in his order dated 22.1.2024, which are as under:- "10. Though, it may be a fact that the assessee is otherwise eligible to claim deduction under section 80P(2)(a)(1) of the Act; however, the provision contained in section 80A(5) of the Act stands as a brain allowing such deduction to the assessee. For the sake of completers, we must observe, having carefully gone through the decisions cited by learned authorized representative of the Assessee, we are of the view that in none of these decisions, the provision contained in section 80A(5) of the Act was taken note of. We are conscious of the fact that in case of ITO V s MSEB Employees Co-Credit Society Ltd (supra), the co- ordinate bench has held ....
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.... on the order of the ACIT/JCIT(A). 8. The Addl./JCIT(A) has discussed in his order that the provisions of section 80A(5) and on that basis he has rejected the claim of the Assessee. For clarity, Section 80A(5) of the Income Tax Act, 1961 is reproduced as under:- '(5) Where the assessee fails to make a claim in his return of income for any deduction under section 10A or section 10AA or section 10B or section 10BA or under any provision of this Chapter under the heading "C.-Deductions in respect of certain incomes", no deduction shall be allowed to him thereunder'. 9. From this provision it is clear that section 80A(5) is broadly applied where any deduction is to be claimed u/s 10A or section 10 AA or section 10(B) or section 1....