2024 (6) TMI 1491

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....ax act by the central processing Centre not allowing the deduction to the assessee under section 80P(2)(d) of the act on the interest earned on investment made by the assessee cooperative society with cooperative banks, were dismissed. 2. For assessment year 2012 - 13 the assessee filed its return of income on 22/8/2012 declaring a total income of rupees to lakhs 16,450. The due date of filing of the return was 31/8/2012. This return was processed by an intimation under section 143(1) of the income tax act 1961 on 1/3/2013 wherein total deduction claimed by the assessee under section 80P(2)(d) of Rs. 909,014 was not granted. Assessee preferred appeal before the learned CIT - A wherein the claim of the assessee was not accepted and the orde....

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....puted after making the following adjustments, namely:- (i) any arithmetical error in the return; 68[***] (ii) an incorrect claim, if such incorrect claim is apparent from any information in the return; 69[(iii) disallowance of loss claimed, if return of the previous year for which set off of loss is claimed was furnished beyond the due date specified under sub-section (1) of section 139; (iv) disallowance of expenditure 70[or increase in income] indicated in the audit report but not taken into account in computing the total income in the return; (v) disallowance of deduction claimed under 71[section 10AA or under any of the provisions of Chapter VI-A under the heading "C.-Deductions in respect of certain incomes", if] the return i....

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....of the act. Therefore the intimation passed under section 143(1) is not sustainable. 12. On the merits of the case, provisions of section 2(19) define a co-operative society as under:- 19) "co-operative society"97 means a co-operative society registered under the Co-operative Societies Act, 1912 (2 of 1912), or under any other law for the time being in force in any State for the registration of co-operative societies ; 13. Thus, for the definition of the cooperative society whether covers the cooperative banks are not one has to look at the respective cooperative societies act is applicable. 14. THE MAHARASHTRA CO-OPERATIVE SOCIETIES ACT, 1960, Defines cooperative banks as per section 2(10) of that Act as under :"- "Co-operative bank....