2025 (3) TMI 1224

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..... Succinctly, the facts of the case are that the assessee is a Cooperative Credit Society engaged in the activity of providing credit facilities to Members. Return of income for the A.Y. 2020- 21 was furnished on 13.02.2021 declaring Nil income after claiming deduction under Chapter VIA at Rs. 74,75,336/-. Case selected for Complete Scrutiny followed by validly serving of statutory notices u/s. 143(2)/142(1) of the Act. Based on the information available, the ld. Assessing Officer (AO) noticed that the assessee has earned interest income from various cooperative banks aggregating to Rs. 1,63,98,998/-, which in his opinion does not quality for deduction u/s. 80P(2)(a)(d) of the Act. Thus, he brought to tax the said interest income disallowin....

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....round of appeal; or (d) Where the AO has made the order appealed against without giving sufficient opportunity to the assessee to adduce evidence relevant to any ground of appeal. 5. No such circumstances exist in the case of the assessee. The order u/s 144 of the Act, dated 02.09.2022 was passed after giving sufficient opportunities to the assessee. It is pertinent to mention here that the appellant, who was much vigil to prefer the appeal but, did not bother to attend the assessment proceedings conducted by the Assessing Officer. 6. The assessee has, during the assessment proceedings before AO has not participated nor in its application has stated that it was prevented by sufficient cause from producing before t....

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....tances mentioned in Rule 46A are applicable, the additional evidences are not to be admitted and thereby dismissed the appeal of the assessee without appreciating that the assessee had not submitted any additional evidences and hence, there was no reason to dismiss the appeal filed by the assessee. 3] The learned CIT(A) failed to appreciate that the assessee had not submitted any additional evidences and therefore, there was no question of dismissing the appeal of the assessee on the ground that the assessee had filed additional evidences in the course of appellate proceedings. 4] The learned CIT(A) erred in not appreciating that the learned A.O. was not justified in disallowing the deduction of Rs. 1,63,98,998/- claimed u....

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....dduce any plausible explanation for admission of additional evidences, which it did not file. Further, the assessee in the instant case has earned interest income of Rs. 1,63,98,998/- from the investments kept with various cooperative banks and the said interest income is eligible for deduction u/s. 80P(2)(d) by virtue of catena of decisions rendered on this very issue. However, a prayer was made to remit the issues back to the file of Jurisdictional Assessing Officer for examining the deduction claimed by the assessee, in accordance with law. 6. Ld. Departmental Representative on the other hand relied on the orders of the authorities below. 7. We have heard both the sides and perused the record placed before us. In the instant case, ....