2026 (3) TMI 553

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....Income Tax Act, 1961 (in short 'the Act'). 2. Registry has pointed out that the appeal is barred by limitation as the assessee has filed the appeal before this Tribunal with a delay of 109 days. Assessee has filed an affidavit explaining the delay. It is stated that the assessee society was earlier advised by its Tax Consultant that there is no need to file an appeal as the appeal is allowed. However, subsequently it revealed that same is not fully allowed, therefore, management took the decision of filing the appeal belatedly. We however considering the reasons stated by the assessee and also adopting justice oriented approach find that the delay is not deliberate and placing reliance on the judgments of Hon'ble Apex Court in the case o....

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....lt by this Tribunal and in para 5 to 8 of the order it is held that even such commission income earned from MSEDCL is also eligible for deduction u/s. 80P(2)(a)(i) of the Act as it akin to the banking activity. Finding of Tribunal reads as follows : "5. We have heard the rival contentions and perused the record placed before us. We observe that the assessee has challenged the finding of ld.CIT(A) affirming the action of the AO in the assessment order framed for A.Y. 2012-13 u/s. 143(3) of the Act on 13.02.2015 by not allowing deduction u/s. 80P of the Act for the commission income earned from MSEDCL as well as interest earned from MSEDCL and Government Securities. 6. Revenue authorities failed to dispute this fact that the....