2025 (2) TMI 1603

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....from its investments held with Co-operative Banks of Rs. 45,990/-. 2. The learned Dy. Director of Income Tax, CPC has grossly erred in making this adjustment to the returned income filed by the appellant and denying the claim of the assessee in an order u/s. 143(1)(a) of the Income Tax Act, 1961. 3. The learned Dy. Director of Income Tax, CPC has grossly erred in considering the due date of filing of Return of Income u/s. 139(1) as 7th September 2015 as the appellant is a Co-operative Society whose accounts have to be audited under the Maharashtra Co operative Societies Act and hence the due date of u/s. 139(1) for A.Y. 2015-16 was 31st October 2015. 4. The CPC has erred in not disposing of the Application for rec....

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.... took legal opinion of the Chartered Accountant Mr. Ajay A. Wadke and filed an appeal. The Ld. AR of the appellant has pleaded that the delay was not intentional and as they are not doing any business as such, the delay may be condoned and justice be done by setting aside the order of Ld. CIT(A) as the issue relating to deduction under section 80P(2)(d) of the Act is covered in favour of the appellant by several decisions of the Tribunal including the decision of Hon'ble Supreme Court in the case of The Mavilayi Service Cooperative Bank Ltd. & Ors Vs. ITO in which it was held that the cooperative societies are entitled for deduction under section 80P(2)(d) of the Act. The Ld. AR of the appellant has also filed a copy of the decision of ....

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....fit a making organisation. It was also mentioned in the affidavit that the present management committee of the society which is also not conversant with income tax laws, approached the Chartered Accountant Shri Ajay Wadke and took a decision to file the appeal. The Ld. AR of the appellant has filed a copy of two decisions of the Coordinate Bench mentioned above and it is observed that in similar and identical circumstances, delay in filing the appeal was condoned. In view of the same, the delay is condoned by this Bench also. Coming to the merits of the case, it is observed that the appellant-society claimed deduction under section 80P(2)(d) of the Act on the interest income derived by the appellant society from its investment held with the....