THE BHARAT CO-OP THRIFT & CREDIT SOCIETY LTD,DELHI vs. ITO,WARD-35(1) DELHI, DELHI

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ITA 1870/DEL/2022Status: DisposedITAT Delhi16 February 2023AY 2018-193 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal allowed the assessee's application to admit additional evidence, a corrigendum related to interest certificates. The matter was restored to the Assessing Officer for fresh verification and decision.

What were the facts?

The assessee claimed a deduction under Section 80P(2)(d) of the Income Tax Act. The Assessing Officer disallowed a significant portion of this claim, which was upheld by the CIT(Appeals). The assessee then appealed to the ITAT.

What were the issues?

Whether the additional evidence sought to be admitted by the assessee is relevant and should be considered. The veracity of the interest certificates for the purpose of Section 80P deduction.

Which sections of the Income-tax Act were involved?

Section 80P(2)(d),Section 143(3)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, DELHI BENCH “SMC”: NEW DELHI

Before: SHRI KUL BHARAT

For Appellant: Shri K. Sampath, Adv. &, Shri V. Rajakumar, Adv
For Respondent: Ms. Maimun Alam, Sr. DR
Hearing: 01.02.2023Pronounced: 16.02.2023

O R D E R PER KUL BHARAT, JM:

This appeal, by the assessee, is directed against the order of the learned Commissioner of Income-tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi, dated 25.07.2022, pertaining to the assessment year 2018-19. The sole effective ground raised by the assessee is as under:

“On the facts and in the circumstances of the case and in law the NFAC, CIT(A), Delhi (Qua) erred in confirming the action of the Assessing Officer disallowing deduction u/s 80P(2)(d) of the Act to the extent of Rs. 7,46,204/- holding the same to be excess claim.”

2.

Facts giving rise to the present appeal are that for the assessment year under consideration i.e. 2018-19, the assessee filed its return of income electronically on 24.12.2018 declaring total income at Rs. 83,170/-. The assessment was completed u/s 143(3) of the income-tax Act, 1961, hereinafter referred to as the “Act” at the total income of Rs. 29,49,260/- after disallowing the claim of Rs. 28,66,098/- u/s 80P(2)(d) of the Act. Aggrieved against this the assessee preferred appeal before the learned CIT(Appeals), who after considering the submissions, confirmed the action of the Assessing Officer. Aggrieved, now the assessee is in appeal before this Tribunal.

3.

The assessee has filed an application dated 20.12.2022 under rule 29 of the ITAT, Rules, 1963, seeking permission of the Tribunal to bring on record the corrigendum dated 26.07.2022 issued by The Delhi State Cooperative Bank Ltd. qua the certificate for interest for the FY 2017-18 dated 27.10.2020. It is submitted by the learned AR that the additional evidence, sought to be admitted, goes to the root of the matter and was not available with the assessee during the pendency of matter before the authorities below. The learned DR opposed the submissions but could not controvert the aforesaid factual position. In view of above, the application moved by the assessee u/s 29 of the ITAT Rules for admission of the additional evidence is allowed and the matter is restored to the file of the Assessing Officer to verify the veracity of the corrigendum dated 26.07.2022 issued by The Delhi State Cooperative Bank Ltd. qua the certificate for interest for the FY 2017- 18 dated 27.10.2020 and decide the issue afresh in accordance with law after affording reasonable opportunity of being heard to the assessee. Hence, the impugned order is hereby set aside and the grounds raised by the assessee are allowed for statistical purpose only.

4.

Appeal of the assessee is allowed for statistical purposes.

Order pronounced in open court on 16th February, 2023.

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