2024 (11) TMI 1609

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....eal : "1. The Ld. CIT(A) has wrongly confirmed the disallowance of deduction of Rs. 15,60,115/- claimed by the appellant u/s. 80P(2)(a)(i) of the Income Tax Act, 1961. 2. Alternatively, the interest income earned by the appellant from the investments in a co-operative bank is also eligible for deduction under section 80P(2)(d) of the Income Tax Act, 1961. 3. The Appellant crave leave to add, delete, amend, alter, vary and/or withdraw all or any one of the above grounds of appeal." Brief facts of the case : 2. In this case, assessee had filed Return of Income for A.Y. 2019-20 on 17.03.2020. The due date for filing Return of Income for A.Y. 2019-20 u/sec.139(1) of the Act was 30.09.2019. Thus, assessee had fil....

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.... ⮚ Shri Nava Ujala Seva Sahakari Mandali Ltd. vs. The DCIT/ACIT(CPC) ITA No. 20/Rjt/2022. ⮚ Lanjani Co-Operative Agri Service Society Ltd. (CPC) v. DCIT [2023] 146 taxmann.com 468 (Chandigarh - Trib.) ⮚ Kerala State Cooperative Marketing Federation Ltd. And Others v. CIT [1998] 5 SCC 48. ⮚ Bajaj Tempo Ltd. Vs. CIT (1992) 196 ITR 188. ⮚ Veerappampalayam Primary Agricultural Cooperative Credit Society Limited (Rep. by its secretary) vs. Deputy Commissioner of Income Tax and Ors. (2021) 202 DTR 0391 (Mad). ⮚ Chakargadh Seva Sahakari Mandali Ltd. Vs. Deputy Commissioner of Income Tax (2023) 202 ITD 793 (Rajkot). Submission of ld. DR : 3. The ld. DR reli....

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....ecifically provides for cases/instances when the claim made by the assessee could be said to be "incorrect". Therefore, in our considered view, the case of the assessee would also not fall within the purview of prima facie adjustment under section 143(1)(a)(ii) (an incorrect claim, if such incorrect claim is apparent from any information in the return). 7.3 We note that in the case of Chirakkal Service Co-Operative Bank Ltd. Kannur v. CIT 2016] 68 taxmann.com 298 (Kerala), the Kerala High Court held that a return filed by assessee beyond period stipulated under section 139(1) or 139(4) or under section 142(1) or section 148 can also be accepted and acted upon for entertaining claim raised under section 80P provided further proceedi....

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....ima facie adjustment under section 143(1)(a)(v) for reason that said section was not in force during period under consideration i.e. assessment year 2019-20. Further, the case of assessee would also not fall within purview of prima facie adjustment under section 143(1)(a)(ii), which specifies the list for disallowance under the said provision and prima facie adjustment for late filing of return of income is not specifically included therein. It was held that that since return of income was filed within due date permissible under section 139(4), in which claim for deduction under section 80P was made, therefore, deduction under section 80P could not be denied to assessee only on basis that assessee did not file its return of income within du....