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TMI Blog2020 (10) TMI 1010X X X X Extracts X X X X X X X X Extracts X X X X ..... t in the order passed by the Ld. AO invoking his powers U/s. 154 of the Act, withdrawing the claim of deduction U/s. 80P of the Act in the case of the assessee for both the AYs. Since the ld. CIT (A) has also agreed with the same view of the ld. AO, his orders are also devoid of merits. For the aforestated reasons, we hereby set aside the orders of the Ld. CIT (A) and direct the ld. AO to grant deduction u/s. 80P of the Act to the assessee for both the AYs. Accordingly, both the appeals of the assessee are held in its favour. - ITA No. 758 And 759/Hyd/2018 - - - Dated:- 28-9-2020 - Smt. P. Madhavi Devi, Judicial Member And Shri A. Mohan Alankamony, Accountant Member For the Assessee : Shri S. Rama Rao For the Revenue : Smt. M. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessments were completed by the Ld. AO U/s. 143(3) r.w.s 147 of the Act on 25/03/2013 wherein the ld. AO assessed the income of the assessee and also granted deduction U/s. 80P of the Act. Subsequently, the Ld. AO on verifying the records found that the assessee was not entitled to claim deduction U/s. 80P of the Act because the assessee had failed to file the return of income for the relevant AYs within the due date specified U/s. 139(1) of the Act r.w. Explanation-2. Hence, the Ld. AO invoked his powers U/s. 154 of the Act and computed the income of the assessee for both the relevant AYs by withdrawing the deduction granted U/s. 80P of the Act at the time of original assessment. When the matter cropped up before the ld. CIT (A), the Ld ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... U/s. 1391(1) and 139(4) of the Act. The ld. DR though vehemently argued in support of the orders of the ld. Revenue Authorities could not successfully controvert to the submissions of the ld. AR. 6. After hearing both sides, we find merit in the arguments advanced by the ld. AR. The assessee had filed its return of income for both the relevant AYs pursuant to the notice issued U/s. 148 of the Act claiming deduction U/s. 80P of the Act. Therefore, the assessee has complied with the provisions of section 80A(5) of the Act. Section 80A(5) only stipulates that the assessee should claim the deduction in the return of income which the assessee had complied while responding to notice issued U/s. 148 of the Act. Further Section 80A(5) does not ..... X X X X Extracts X X X X X X X X Extracts X X X X
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