2026 (2) TMI 1364

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....he Assessment Years (AY) 2018-19 & 2019-20 respectively. 2. The common grievance for A.Ys. 2018-19 & 2019-20 by the assessee which is a cooperative society is twofold, firstly, the Centralized Processing Center (CPC) erred in making adjustment u/s. 143(1)(a) of the Act denying deduction u/s. 80P of the Act, secondly, legitimate claim of deduction u/s. 80P(2)(a)(i) of the Act not allowed. 3. Facts of the case, in brief, are that assessee is a credit cooperative society registered under the Maharashtra Co-operative Societies Act, 1960. Return of income for A.Ys. 2018-19 & 2019-20 have been furnished on 17.09.2018 & 11.09.2019. However, in the returns of income, assessee has claimed deduction u/s. 80P of the Act at Rs. 4,75,747/- and Rs.....

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....he other hand, Ld. Departmental Representative (DR) vehemently argued supporting the orders of Ld. CIT(A). 7. I have heard rival contentions and perused the records placed before me. The assessee is a credit cooperative society. The return of income for A.Y. 2018-19 has been filed on 17/09/2018 and for A.Y. 2019-20 on 11/09/2019. As the assessee is required to get books of account audited under the societies Act, the due date of filing return for A.Y. 2018-19 is 30.09.2018, but the CPC has mentioned the due date as 31.08.2018. However, for A.Y. 2019-20, the CPC has accepted that since the books of account are required to be audited, therefore, due date of filing the return is 30.09.2019 (extended to 31.10.2019) and that the assessee has ....

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....u/s. 80P(2)(a)(i) at Rs. 4,75,747/- and Rs. 8,74,180/- respectively. But due to ignorance on the part of a person furnishing return of income, the amount of deduction eligible to the assessee u/s. 80P(2)(a)(i) of the Act has been wrongly mentioned in column for deduction 80P(2)(c)(ii) of the Act which only provides for deduction at Rs. 50,000/-. Because this inadvertent mistake, the CPC in the processing of A.Y. 2018-19 has not been given any deduction allegedly for belated filing of return and for A.Y. 2019-20 has restricted it to Rs. 50,000/- only. I find that the assessee is engaged in business of providing credit facilities to its members and Ld.CIT(A) has not disputed the nature of activity carried out by the assessee. The assessee has....