SHRI SAIN SAMAJ CO-OPERATIVE THRIFT AND CREDIT SOCIETY LIMITED,DELHI vs. INCOME TAX OFFICER, DELHI

The only substantive ground raised by the assessee is that the ld. CIT(A) erred in disallowing the claim of deduction u/s 80P to the assessee.

Briefly stated, the facts of the case are that the assessee, Shri Sain Samaj Cooperative Thrift & Credit Society Limited filed its Return of Income on 31.10.2019. The assessee received intimation u/s 143(1) of the Income Tax Act, 1961 on 29.03.2021 where the claim of the assessee of deduction of Rs. 69,12,760/- u/s 80P(2)(a)(i) from banking business or for income from providing credit facilities to its members, was denied. The assessee filed Rectification Request under section 154 of the Act, 1961 to give effect of deduction u/s 80P(2)(a)(i) of the Act amounting to Rs. 69,12,760/-, which was rejected on the ground that there is no mistake apparent on record vide order dated 11.05.2021. 4. On appeal before the CIT(A), the CIT(A) declined to interfere with the intimation passed by AO(CPC) u/s 143(1) of the I.T. Act and held that the appellant is not eligible for claim of deduction u/s 80P(2)(a)(i) of the I.T. Act in the absence of any such claim made by the appellant in the return of income filed. Aggrieved the assessee is before us.

The ld counsel of the assessee stated that the claim for deduction u/s 80P was made in the return of income under wrong column col.5d of schedule BP. In view of the same, neither the AO/CPC nor the CIT(A) considered the deduction. 6. We have heard the rival submissions and have perused the materials on record. We find that the CIT(A) has given a finding that vide schedule BP, giving computation of income from business or profession, the assessee has shown profit before tax as per P&L A/c of Rs.69,12,760/- and in col. 5b under schedule BP appellant has shown share of income from AOP/BOI of Rs.69,12,760/- and the same has been claimed exempt in col.5d of schedule BP. We find that since the assessee claimed the deduction under wrong column in the return of income filed, its claim of deduction u/s 80P(2)(a)(i) of the I.T. Act has been denied. 7. We further find that in Tax Audit for the relevant F.Y., at Point No. 33 on Page No. 20 of TAR, the tax auditor has stated that the eligible deduction was to be provided u/s 80P(2)(a) (i) of the Act. Tax Audit Report has been furnished on record. All the above relevant facts and data with respect to the deduction under section 80P were already there before the assessing authorities. Therefore, if the legitimate relief