2025 (10) TMI 46

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....(A)] dated 03/07/2025 for the Assessment Year (AY) 2018-19 as per ground of appeal on record. The assessee has also filed Stay application arising out of the present appeal. 2. The facts of the case in brief are that the assessee is a cooperative society registered under Tamil Nadu Co-operative Societies Act, 1983. The assessee is a primary agricultural Co-operative society and credit society formed with an objection of providing credit facilities to its members, who are primarily agriculturist, to improve their economic conditions, for this purpose of providing credit facilities to its members, the assessee collects deposits from its members, borrow funds from bank, lends to farmers and its members provide group loans to self-help group....

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....d the income of the cooperative society was assessed at Rs. 28,72,474/-. 3. Aggrieved by the order of Assessing Officer, the assessee filed appeal before the ld. CIT(A). The ld. CIT(A) vide the impugned order, confirmed the order passed by the Assessing Officer on the ground that return was not filed under Section 139(1) and the return filed under Section 148 of the Act was a belated return and, therefore, the assessee is not eligible to get deduction under Section 80AC and 80P of the Act. 4. Further aggrieved by the order of ld. CIT(A), the present appeal has been filed by the assessee before this Tribunal. 5. During the appellate proceedings before us, it was submitted by the ld. AR that it was beyond the scope of Section 143(1)(....

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....anattukara Farmers Producer Company Ltd. Vs ITO, Wad-1, Palakkad and Premier Cooperative Credit Vs CIT(A), the principles regarding Section 80P deduction and 143(1) adjustments are relevant. Finally, the ld. AR submitted that since the assessee has fulfilled all the conditions for claiming deduction under Section 80P of the Act, the Assessing Officer and the ld. CIT(A) should have allowed the same. 6. On the other hand, the ld. CIT-DR supported the order of the ld. CIT(A) and placed reliance on the decision of Hon'ble Madras High Court in the case of Veerapampalayam Primary Agricultural Cooperative Credit Society Ltd. Vs DCIT (Supra) wherein the Hon'ble Madras High Court has dealt with identical issue and held that the deduction under Se....