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TMI Blog2023 (7) TMI 1435X X X X Extracts X X X X X X X X Extracts X X X X ..... bserve that in the AY 2018-19, in case of person (other than a company) whose accounts were required to the audited under this Act or under any other law for the time being in force, as per Explanation-2 (a)(ii) of section 139(1) the due date for filling of ITR was 30th September, however the said due date of 30th September, has subsequently been substituted with 31st October vide finance Act 2020 with effect from 1st April, 2020. Assessee being a Co-Operative Housing Society governed by Maharashtra Co-Operative Society Act 1960 required to be audited under Maharashtra State Co-Operative Act and therefore was liable to file its return of income upto 30-09- 2018 and hence the Assessee filed on 18-09-2018, which goes to show that the Assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... om bank deposits, contribution from its members and transfer of plot and lease rent etc. The Assessee further claimed that it has claimed income of Rs. 51,72,598/- as deduction under chapter VI-A of the Act. 3. The Assessing Officer by considering the said claim of the Assessee, further asked the Assessee to justify the allowability to its claim and the section of the income tax Act, under which the same is claimed exempt from tax. 3.1 The Assessee in response to the said query submitted that the out of total income Rs. 50,000/- is claimed as deduction u/s. 80P(2)(c) of the Act and Rs. 51,22,598/- (which comprises of interest of Rs. 50,51,487/- on fixed deposit kept with Co- Operative Banks and savings bank interest of Rs. 71,111/- from Co- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Vide notice u/s. 142(1) of the Income Tax Act, 1961 dt. 19-01-2021, the assessee was requested to furnish explain in this regard. The assessee vide its response made on 05-02-2021 has stated as under- The assessee is required to be audited under Maharashtra State Cooperative Act and hence the date of filing return u/s 139(1) was 31st October, 2018. The assessee filed its return of income on 18th September, 2018 which was well within the time limit and hence we make an humble request that the deduction under Chapter VIA should be allowed. 6.4 Here it is worthy to mention that on one hand the assessee is claiming that its case was required to be audited under Maharashtra State Cooperative Act and by virtue of the same it is claiming the benef ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 80P 2(c)(ii) and 80P(2)(d) of the Income Tax Act, 1961. as claimed by the assessee is not allowed and the deductions so claimed by the assessee are added back to the income returned, resultantly addition for the whole of the amount of Rs. 51,72,598/- (Rs. 51,22,598/- u/s. 80P(2)(d) and Rs. 50,000/- u/s. BOP 2(c)(B), respectively). This amount will count as underreporting of income for the purpose of penalty proceeding u/s 270A of the LT. Act, 1961, which are being initiated separately. 5. The Assessee being aggrieved challenged the aforesaid addition before the Ld. Commissioner, who more or less on the same reasoning as given by the Assessing Officer, affirmed the said addition by observing as under: 4.4 Therefore, considering the observati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1) of section 139. Therefore, it is not eligible for deduction under section 80P of the Income Tax Act, 1961, which falls under the Chapter VIA of the Act. 4.6 In view of apparent position of statute (supra), I am of the considered view that deduction u/s 60P(2)(d) and 80P(2)(c) of the Act cannot be allowed since the appellant has failed to file its return of income as per provision of section 139(1) of the Act. Accordingly,the grounds at S.No. 1 to 4 of appeal are hereby dismissed. 5. Ground No. 5 is general in nature and does not require any adjudication, hence dismissed. 6. The Assessee being aggrieved is in appeal before us. 7. We heard the parties and perused the material available on record. The Assessee s claims with regard to the de ..... X X X X Extracts X X X X X X X X Extracts X X X X
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