TaxTMI 
TaxTMI 
2025 (8) TMI 540
X X X X Extracts X X X X
X X X X Extracts X X X X
.... assessee has raised the following grounds of appeal: "1. The order passed CPC and confirmed by JCIT(A) is invalid bad in law and required to be quashed. 2. Ld. JCIT(A) erred in law and on facts in confirming disallowance of deduction u/s 80P(2)(d) of the Act of Rs. 472220/-. 3. The order passed by authorities is required to be quashed as CPC acted beyond the power given u/s. 143(1) of the Act. 4. Charging of interest u/s 234B and 234C unjustified." 3. The brief facts of the case are that the assessee is a cooperative society and had filed return of income for A.Y. 2021-22 declaring "NIL" income after claiming deduction under section 80P of the Act, amounting to Rs. 4,72,220/-. The return of income fil....
X X X X Extracts X X X X
X X X X Extracts X X X X
....raised by the appellant in the present appeal cannot be accepted on its face value. The appellate proceedings are first line of remedy to those who think that the injustice has been done by the CPC. However, the appellant failed to avail the same by non-complying. During the appellate proceedings, the appellant-society has not availed of the opportunities given to it. Therefore, it is assumed that the appellant-society is not interested in pursuing its own appeal. Moreover, the appellant failed to bring on records any facts or documents which can explain how the adjustment(s) made by the CPC in intimation order u/s 143(1) of the Act, is erroneous. But it is noted that the appellant-society chose not to comply on the issue involved in the pr....
X X X X Extracts X X X X
X X X X Extracts X X X X
....e Assessing Officer. The reasons are required to be clear and explicit indicating that the authority has considered the issue in controversy. If the appellate/revisional authority has to affirm such an order it is not required to give separate reasons which may be required in case the order is to be reversed by the appellate/revisional authority." 7.6 Further, during appellate proceedings, no response is received from the appellant-society to substantiate its claim in support of grounds of appeal though ample opportunities of being heard were given to it, as tabulated in Para 6.1 above. It would not be out of context to mention here that the appellant has never shown the intention to prosecute the present appeal in proper/effective....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... Rs. 1,83,277/- had been earned by the assessee as interest income on fixed deposits kept with Bank of Baroda (the Counsel for the assessee submitted / admitted that so far as this amount is concerned, the assessee society is not eligible to claim deduction under section 80P of the Act). However, the Counsel for the assessee submitted that with respect to the balance amount on which interest was earned i.e. Rs. 2,88,943/- (Rs. 4,72,220 less Rs. 1,83,277), the same earned by the assessee on fixed deposits kept with Ahmedabad District Cooperative Bank, which is a cooperative society. The Counsel for the assessee submitted that it is a well settled law, in view of the judicial precedents on the subject that the assessee society is eligible to ....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... 9. In the case of Principal Commissioner of Income-tax vs. Shree Madhi Vighag Khand Udyog Sahakari Mandli Ltd. [2025] 171 taxmann.com 22 (Gujarat)[24-12-2024], the assessee was a cooperative society duly registered under Gujarat Cooperative Society Act and engaged in manufacturing of white crystal sugar. The assessee earned interest on investment made with a cooperative bank and claimed deduction under section 80P(2)(d) on same. The Assessing Officer allowed same, however, Principal Commissioner invoked revision proceedings under section 263 on ground that Assessing Officer had wrongly allowed deduction on interest earned from cooperative society. The High Court noted that Gujarat High Court in case of Pr. CIT v. Ashwinkumar Arban Coopera....