2026 (5) TMI 1277

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....the appeal filed by the assessee against the intimation order passed under Section 143(1) of the Income Tax Act, 1961 (the Act) passed by the Income Tax Office Ward - 2, Shimoga (the learned Assessing Officer) on 29th December 2019 was dismissed. Therefore, assessee is in appeal before us. 2. The only issue in appeal before us is deduction under Section 80P(2)(a)(i) and 80P(2)(d) denied to the assessee. 3. Briefly stated the facts show that assessee is a Credit Co-operative Society filed its return of income on 30th October 2017 declaring income of Rs. 1,78,130/- and claimed deduction under Section 80P of Rs. 15,73,747/-. The return of income was picked up for scrutiny for verification of the deduction. The verification showed that as....

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....ly, the assessment order was passed on 29th December 2019. The assessee approached the learned CIT-Appeal wherein the assessee was denied deduction under Section 80P(2)(a)(i) as well as under Section 80P(2)(d). 6. Aggrieved with the same the assessee is in appeal before us. 7. We have heard Shri. G S Bhatt, CA, the Authorized Representative and Shri. Ganesh R Ghale, Standing Counsel for the Revenue. We have also perused the orders of the learned Lower Authoritiesand also considered the various judicial precedents relied in the orders as well as cited before us. 8. We find that assessee is a Credit Co-operative Society engaged in accepting deposits and providing credit facilities to its member. The assessee has claimed the deduction....