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TMI Blog2024 (7) TMI 336X X X X Extracts X X X X X X X X Extracts X X X X ..... the merits, the amount of interest is earned from cooperative banks. According to section 2 (19) of the act cooperative societies means a co-operative society registered under the Co-operative Societies Act, 1912 (2 of 1912), or under any other law for the time being in force in any State for the registration of co-operative societies. Under the Maharashtra cooperative societies act section 2 (10) defines Co-operative bank means a Co-operative society which is doing the business of banking as defined in clause (b) of sub-sections (1) of section 5 of the Banking Companies Act, 1949 and includes any society which is functioning or is to function as an Agricultural and Rural Development Bank under Chapter XI - Therefore, it is apparent that c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... interest income of Rs. 3,013,558/ . 3. Brief facts of the case show that assessee is a cooperative was in society, filed its return of income on 30/9/2012 at a total income of Rs. 1,897,350/ . The assessee claim deduction under section 80P(2)(d) of the act of Rs. 3,013,558/ with respect to the interest income earned by the assessee from the cooperative banks. The assessee was issued in intimation under section 143 (1) of the act on 14/7/2013 wherein the claim of the assessee of deduction under section 80P(2)(d) of the act of Rs. 3,013,558/ was denied. 4. The assessee aggrieved with this was required to file an appeal before the learned CIT A on or before 13 August 2013 whereas the assessee filed appeal on 4/7/2023 after a delay of 3642 days ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that in the rectification application was made before the assessing officer within the permitted time limit of 4 years for correction of the intimation issued. as on that later there was no stamp being proof/acknowledgement of submission of the application on a particular date, the learned CIT A did not believe the same. And therefore, the subsequent reminder by the assessee on 3/1/2023 asking the CPC to rectify the intimation was found to be beyond prescribed time period of 4 years. Therefore, the learned first appellate authority did not accept the explanation of the assessee and did not condone the delay, hence the appeal of the assessee was dismissed. It was further stated that the delay has been caused due to sufficient reasons as the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aging committee and therefore it was not aware about the impugned disallowance of deduction and further and application of rectification is pending which was filed on 30/1/2018. Further assessee reminded to the CPC only on 3/1/2023 about pendency of rectification application for all found to be not sufficient cause for not condoning the delay by the learned CIT A. The assessee also could not produce that it had filed any application on 30/1/2018 for rectification before the assessing officer. Therefore, no cognizance was taken by the CIT appeal. In view of the above facts, we do not find any error in the order of the learned and CIT appeal in not condoning the delay in filing the appeal by the assessee. As such the delay is quite long and t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessee and computed by the CPC. It remains the same at Rs. 3,013,558. However, at serial number 27 suddenly the total deduction under chapter VIA the deduction is provided by the assessee is shown to be Rs. 3,013,558/ but as computed under section 143 (1) is computed at Rs. Nil. Therefore, in the intimation itself at one place the deduction is granted as computed by the assessee under section 143 (1) of the act and at another place the deduction is not granted while computing total of chapter VIA deduction under section 143 (1) of the act at rupees Nil. Neither the assessee nor the learned that departmental representative could explain to us how this can happen. We leave it there only. 12. Now the question that arises whether under sect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... annot also be claimed as an incorrect claim under explanation (a) of the act. (a) an incorrect claim apparent from any information in the return shall mean a claim, on the basis of an entry, in the return, (i) of an item, which is inconsistent with another entry of the same or some other item in such return; (ii) in respect of which the information required to be furnished under this Act to substantiate such entry has not been so furnished; or (iii) in respect of a deduction, where such deduction exceeds specified statutory limit which may have been expressed as monetary amount or percentage or ratio or fraction; Neither the claim of the assessee under section 80 P was inconsistent with another entry, the deduction also did not exceed the s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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