TaxTMI 
TaxTMI 
2024 (9) TMI 1696
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....o 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 prayed that the order of the learned assessing authority be quashed and inco....
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....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 is wrong claim made by the assessee, but, if any, relief is due to the assessee, the same may be allowed, even if the assessee ha....
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....m 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 that a, if the assesses has not claimed a deduction in ITA 6029/Mum/2019 the return of income, the appellate. authorities have power to allow deduction which is allowable und....