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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 ..... 1961 [the ACT] dated 14/7/2013 by the central processing Centre Bengaluru (the learned AO) was dismissed. Therefore, the assessee is aggrieved and is in appeal before us. 2. The solitary issue involved is that the learned CIT - A has not condone the delay of 3609 days in filing of the appeal and further on the merits, the assessee was denied deduction under section 80P(2)(d) of the act on 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ction under this section from year to year, on 30 January 2018 as per the assessee, an application under section 154 of the act was filed. As that application remained unattended, the assessee further reminded on 3 January 2023. To this application also there is no response. Therefore, the assessee filed an appeal on 4 July 2023. The learned authorized representative referred to letter dated 30/1/2018 stating 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 therefor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... condoning the exorbitant the delay in filing of the appeal and therefore not discussing the issue on the merits of the case. 10. We have carefully considered the rival contention and perused the orders of the lower authorities. We do not have any hesitation in holding that learned CIT - Ais perfectly justified in not condoning the delay in filing of the appeal. The argument of the assessee that there is a change in the managing 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 no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 143 (one) of the act at serial number 22 wherein deduction under section 80 P is considered, the amount provided by the taxpayer in the return of income was stated to be Rs. 30,13,558/- and the amount computed under section 143 (1) of the act was also Rs. 30,13,558/-. Thus, in the computation of income provided under section 143 (1) of the act there is no distinction is no difference between the amount of deduction computed by the 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 its ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... m 26AS or Form 16A or Form 16 which has not been included in computing the total income in the return: 13. The above provisions show that chapter VIA deduction can be denied only if the return is not filed in time. That is not the case with the assessee. Therefore the claim made by the assessee of deduction under section 80 P is not subject to any disallowance on addition under section 143 (1) of the act if it is not an incorrect claim. 14. It cannot 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 ot ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nks are cooperative societies who are doing the banking business. Thus, it cannot be said that all these four entities are not cooperative societies. It is not the case of the AO that the amount of deposit either in fixed deposit scheme or in savings bank account scheme of these cooperative banks is not an investment. Thus, the assessee satisfies all the conditions provided under section 80P(2)(d) of the act. Thus, according to us the assessee is entitled to the deduction under section 80P(2)(d) of the act with respect to the amount of interest income earned from cooperative banks of Rs. 3,013,558 for the impugned assessment year. Accordingly ground number 3 of the appeal is allowed. 17. In the result, the appeal of the assessee is partly ..... X X X X Extracts X X X X X X X X Extracts X X X X
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