OBEROI WOODS OPERATIVE HOUSING SOCIETY LTD ,MUMBAI vs. INCOME TAX OFFICER CIRCLE 26(1), MUMBAI

PDF · subscribers
ITA 1566/MUM/2025Status: DisposedITAT Mumbai22 April 2025AY 2018-19Bench: SHRI SANDEEP GOSAIN (Judicial Member), SHRI OMKARESHWAR CHIDARA (Accountant Member)1 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The Tribunal held that for the interest of justice, the issues should be decided on merits after providing a fair opportunity of hearing. The appeal was restored to the file of the CIT(A) for fresh adjudication.

What were the facts?

The assessee was ex-parte before the Ld. CIT(A). The Ld. AR argued that the Ld. CIT(A) erred in confirming the disallowance of deduction under Section 80P(2)(d) regarding interest received from co-operative banks.

What were the issues?

Whether the Ld. CIT(A) erred in confirming the disallowance of deduction under Section 80P(2)(d) without providing a fair opportunity of hearing.

Which sections of the Income-tax Act were involved?

Section 80P(2)(d)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, MUMBAI BENCH “C”, MUMBAI

Before: SHRI SANDEEP GOSAIN & SHI OMKARESHWAR CHIDARA

For Appellant: Shri Anand Kanse
For Respondent: Shri H.M. Bhatt, Sr.DR
Hearing: 15/04/2025Pronounced: 22/04/2025

2 1566/Mum/2024 Oberoi Woods cooperative Housing Society Ltd 80P(2)(d) of the Act in respect of interest received by the assessee from bank deposits from co-operative banks.

2.

On the other hand, the Ld.DR relied on the orders passed by the revenue authorities.

4.

After having heard both the parties and on perusal of the materials on record as well as orders passed by the revenue authorities and without going into the merits of the allegations and counter allegations, the Bench is of the view that the interest of justice would be met only if the issues between the parties are decided on merits after providing fair opportunity of hearing.

5.

Be that as it may, keeping in view the above position in mind, we are inclined to provide one more opportunity to the assessee to prove its case before the revenue authorities. Therefore, the present appeal is restored to the file of the CIT(A) for fresh adjudication by providing reasonable opportunity of hearing to the parties. The assessee shall not seek any adjournment on frivolous grounds and will remain co-operative during the course of proceedings.

6.

Before parting, we make it clear that our decision to restore the matter back to the file of the CIT(A) shall in no way be construed as having any reflection or expression on the merits of the dispute, which shall be adjudicated by the CIT(E) independently in accordance with law.

More judgments on Section 80P(2)(d)

All 2,440 judgments and leading authorities on Section 80P(2)(d) →

Recent GST High Court judgments

Search GST case law →