2019 (8) TMI 1942

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....rities below in so far as these are against the appellant is opposed to law, weight of evidence, natural justice, probabilities, facts and circumstances of the appellant's case. b) The appellant denies itself liable to be assessed on a total income of Rs. 43,22,850/- as against the returned income of Rs. Nil under the facts and circumstances of the case. - 2 a) The learned assessing officer erred in denying the deduction claimed by the appellant under section 80P(2) of the Income-Tax Act, 1961 (the Act) of Rs.43,22,850/- under the facts and circumstances of the case. b) The authorities below erred in following the decision of Supreme Court in the case of Citizen Co-operative Society Ltd. vs. ACIT, reported in397 ITR 1thou....

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.... as income from other sources, then the learned assessing officer ought to have allowed the deduction towards the incidental expenses incurred under section 57 of the Act under the facts of the case. 13,35,761/- 3 The appellant denies itself liable to be levied to interest under section 234B of the Act and further the computation of interest was not provided to the appellant as regard to the rate, period and method of calculation of interest under the facts and circumstances of the case. The appellant expressly urges that the period of levy of interest is not in accordance with section 234B of the Act. 4,39,758/- 4 The appellant craves leave to add, alter, delete or substitute any of the grounds urged above. - 5 I....

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....Court rendered in both these cases i.e. PCIT and Another Vs. Totagars Co-operative Sale Society (supra) and Tumkur Merchants Souharda Credit Cooperative Ltd. Vs. ITO (supra) are on the same line but the conclusion is different because the facts are different. The bench pointed out that in the case of PCIT and Another Vs. Totagars Co-operative Sale Society(supra), the money deposited in bank was out of liability of the assessee and in the case of Tumkur Merchants Souharda Credit Cooperative Ltd. Vs. ITO(supra), the money deposited in bank was not out of liability but out of assessee's own funds and therefore this decision is in favour of the assessee. The bench pointed out that if the facts in the present case are similar to that of the ....