2026 (6) TMI 1043

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..../NFAC/S/250/2025-26/1086903345(1) dated 05.03.2026 respectively for the Assessment Year 2018-19 arising out of the orders passed under section 147 r.w.s 144B of the Act dt 07.02.2023 and 17.03.2023, for the Assessment Year 2018-19 and penalty order under section 270A dated 04.08.2023. Since the assessee is same, these appeals are clubbed and heard together and a consolidated order is passed. Firstly, we take up appeal in ITA No. 1850/Bang/2026. The facts are culled out there from. 2. Briefly stated the facts of the case are the assessee is a primary agricultural credit co-operative society registered under Karnataka Co-operative Societies Act. 1959 and is engaged in the business of providing agricultural credit facility to its members, d....

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....s it stood for relevant A.Y. under Sec. 143(1)(a)(v) of the Act which did not contain disallowance of deduction under Sec. 80P of Chapter VI-A. 2. It is submitted, the appellant could not plead its alternative ground of appeal before both the below Authorities regarding its entitlement for deduction u/s. 57(iii) of the Act in respect of Interest on Investments of Rs. 15,55,553/- earned from CDCC Bank irrespective of the disallowance of deduction u/s. 80P of the Act for belated filing of ITR. 3. In view of the above, it is prayed the matter be remanded to Respondent for considering grant of deduction u/s. 57(iii) to appellant against CDCC Bank interest. 5. At the outset, the learned AR submitted that the provisions of se....

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....l be allowed to him unless he furnishes a return of his income for such assessment year on or before the due date specified under sub-section (1) of section 139.] 8. In the instant case, the assessee has not filed the return of income on or before the due date prescribed under section 139(1) of the Act, however, has filed belatedly on 19.04.2022, in response to notice under section 148 of the Act. The Finance Act 2018 substituted Section 80AC with effect from 01.04.2018 (AY 2018-19) allowing the deduction admissible only when the assessee filed the return of income u/s 139(1) of the Act. Thus filing of the return of income within due date prescribed u/s 139(1) became a statutory condition for claiming deduction u/s 80P of the Act. No evi....