TaxTMI 
TaxTMI 
2025 (8) TMI 520
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....by Assessee against the best judgement assessment order passed under section 144 of the Income Tax Act, 1961 [the Act] by The Income Tax Officer-Ward-5, Alappuzha [the ld. AO ] dated 14/12/2019 was dismissed. 2. Therefore, assessee is aggrieved with the same and has preferred this appeal raising following grounds: - "1. The order of the learned CIT [A] upholding the Order of the Assessing Officer is against law, facts and circumstances of the case. 2. The assessment made by the AO and upheld by the CIT[A], under section 144 is against law, facts and circumstances of the case. 3. The CIT[A] should not have upheld the action of the AO, who completed the assessment under section 144 after assessee having filed a v....
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.... section 142(1) of the Act, the assessee did not file any return of income, but stated that it is eligible for deduction under section 80P of the Act and such income did not exceed the maximum amount which is not chargeable to income tax and therefore assessee is not required to file an income tax return under section 139(1) of the Act. The learned assessing officer issued a letter dated 2/9/2019 explaining the provisions of section 139, section 80A(5) and deduction under chapter VI-A of the Act. It was also stated that in absence of any documentary evidence related to the deposits or credits, it would be assessed in the hands of the assessee as unexplained income. The assessee failed to comply with the same and therefore the assessment was....
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....ere the income of the assessee was computed at Rs. 3,60,991/-, it was also submitted that as the assessee has filed its return of income, deduction under section 80P of the Act is allowable. The assessee also submitted that provisions of section 80P(4) does not apply to the facts of the case. The learned assessing officer after perusing the explanation of the assessee and after examination accepted that a sum of Rs. 2,005,000/- is received by the assessee from its members and therefore same is not required to be added, further total deposit of the assessee at Rs. 203,655,999/- was also found to be from the members and therefore there was no addition made on that account as the assessee was maintaining the confirmation as well as the Know Yo....
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.... in filing such a return is only a technical defect which could have been cured before the completion of the assessment. 5. The learned CIT-A considered the explanation of the assessee and held that as per provisions of section 139(1) read with section 80A(5), one has to file its return of income under section 139 (1) if any deduction is to be claimed under chapter VIA of the Act. It is mandatory on the part of the appellant to file its return of income and claim deduction there in within the due date prescribed of such notices. In view of this, he held that the learned assessing officer is correct in disallowing the assessee deduction under section 80P of the Act. Accordingly, the appeal of the assessee was dismissed. 6. Aggrieved wi....