2025 (4) TMI 1302

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....with. By consent, the Petition is taken up for final hearing, since the pleadings in this case are completed. 3. This Petition challenges notice under Section 148 of the Act dated 31.03.2021 for the assessment year 2014 -15. 4. In this case, an assessment order under Section 143 (3) of the Act was passed on 07.12.2016. The impugned notice under Section 148 is dated 31.03.2021 i. e. after a period of four years from the end of the relevant assessment year. 5. The reasons recorded for re-opening the concluded assessment which were furnished to the Petitioner on 18.11.2021 read as under:- 6. The pre-condition as per first proviso to Section 147 of the Act for re-opening the case, where an assessment order under Section 143 (3) is p....

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....ted 09.11.2016, wherein all the details with respect to the TDS were furnished. The details are also filed along with this Petition from page 125 to 135. Therefore, on both these grounds i. e. deduction under Section 80P and disallowance for non-deduction of TDS, the issue was examined during the course of the assessment proceedings and therefore, any attempt to re-open the case on these two issues would amount to re-opening on the basis of change of opinion and review of the earlier order passed under Section 143 (3) of the Act. This is not permissible under the Act which confers the power to re-open the case under Section 147 of the Act. 9. In view of above, on both the grounds i. e. there being no allegation of failure to disclose ful....

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.... is as detailed below: Sr. No. Name of the Bank Interest Income 1 Interest from Co-operative Bank 19,18,505 2 Interest from Bank of India 1,62,135 3 Interest from Bank of Baroda 10,76,398 4 Interest from Saving Bank Account 78,547 5 Total Interest 32,35,585 Note: If digitally signed, the date of digital signature may be taken as date of document. ROOM NO:203,2nd Floor, MATRU MANDIR, TARDEO ROAD, MUMBAI, Maharashtra, 400007 Emall: [email protected], Office Phone:02223821537 Note> The website address of the e-filing portal has been changed from wowor.Incometaxindiaafiling.gov.in to www.Incometax.gov.In. . DIN- Document identification No. TRUE COPY fyr Advocate Document 2 3. Out of said income asse....

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.... vs ITO vide order dated 11/02/2010. 5. It is, thus clear that even a co-operative bank is a commercial bank and does not fall under the purview of a Co-operative Society and interest income is not eligible for deduction under section 80P(2)(d) of the Income tax Act, 1961. It is pertinent to mention here that assessee is Co-Operative Housing Society for which bye-laws laid down for other co-operative societies such as banking regulation rules etc. are not applicable. Thus, in view of the above, the interest income claimed as a deduction was required to be restricted upto Rs.50,000/- u/s 80P(c)(Il) of the Act and the difference of Rs.18,68,505/- [19,18,505-50,000] was required to be disallowed and added back; which is not done by the depa....