9911796707
TMI Blog2024 (7) TMI 1616X X X X Extracts X X X X X X X X Extracts X X X X ..... appeal of the Assessee against the Intimation, dated 29/06/2019, issued under Section 143(1) of the Income Tax Act, 1961 (hereinafter referred to as 'the Act'). 2. The Assessee has raised following grounds of appeal: "1. On the facts and the circumstances of the case and in law, the learning Addl/JCIT (A) erred in not allowing deduction u/s.80P(2)(d) of the Act of Rs.29,46,222. 2. On the facts and the circumstances of the case and in law, the learning Addl/JCIT (A) erred in passing the order of not allowing u/s.80P(2)(d) of the Act of Rs.29,46,222, though in the Intimation the addition was made only on the basis that the Return of Income is not filed in time. However, the fact that Return of Income was filed in time. 3. On the fact ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l the grounds raised by the Assessee, being connected, are taken up together hereinafter. 6. We have given thoughtful consideration to the rival submission, perused the material on record and considered the position in law. 7. During the course of hearing reliance was placed on behalf of the Appellant on the decision of Tribunal in the case of Vishva Villa Co-op Housing Society Vs. ITO, Ward 12(3)(1): ITA No. 682 to 684/Mum/2024, dated 27/06/2024, wherein it was held by the Tribunal that prior to Assessment Year 2021-22 of the Act adjustment was permissible in terms of Section 143(1)(a)(v) of the Act only with respect to deduction claimed under Section 10AA, 80IA, 80IAB, 80IB, 80IC, 80ID and 80IE of the Act in case return of income was fi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Act, for the purpose of claiming deduction under the aforesaid provision interest must be received from a 'co-operative society'. A co-operative society is defined in Section 2(19) of the Act as being a co-operative society registered either under the Co-operative Societies Act, 1912 or under any other law for the time being in force in any State for the registration of co-operative societies. In the case of Kaliandas Udyog Bhavan Premises Co-operative Society Ltd. vs. ITO: ITA No. 6547/Mum/2017, dated 24.04.2018, after examining the judgment of the Hon'ble Supreme Court in the case of Totgars Cooperative Sale Society Ltd. vs. ITO (2010) 322 ITR 283 (SC), which was followed by the Hon'ble Karnataka High Court in the case of Pr.CIT vs. Totga ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ember of the relevant assessment year [subsequently substituted with 31st October vide finance Act 2020 with effect from 01/04/2020]. The Appellant being a Co-Operative Society governed by Maharashtra Co-Operative Society Act 1960 was required to be audited under Maharashtra State Co-Operative Act and therefore, was required to file its return of income upto 30/09/2018. As per Revenue the Appellant had filed return on 26/09/2018. Thus, the return was filed before the due date as prescribed under Section 139 of the Act, and therefore, the Appellant is entitled for deduction under Section 80P(2)(d) of the Act as claimed. 10. In view of the above, order passed by the CIT(A) cannot be sustained. The Assessing Officer is directed to allow deduc ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
