DAIVAGNA CREDIT CO-OP SOCIETY LIMITED,DAVANAGERE vs. INCOME TAX OFFICER, WARD - 1, DAVANAGERE, DAVANAGERE

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ITA 478/BANG/2025Status: DisposedITAT Bangalore08 May 2025AY 2018-19Bench: SHRI PRASHANT MAHARISHI (Vice President), SHRI SOUNDARARAJAN K. (Judicial Member)3 pages

In favour of the Revenue: the assessee's appeal was dismissed. From the AI summary of this appeal.

AI SummaryDismissed

What did the Tribunal hold?

The appeal was dismissed as withdrawn because the CBDT had condoned the delay in filing the return of income, subsequent to which the Assessing Officer passed a consequential order granting the Section 80P deduction to the assessee. The tribunal allowed the assessee liberty to revive the appeal if necessary.

What were the facts?

The assessee, Daivagna Credit Co-operative Society Limited, faced disallowance of a deduction of Rs.60,97,000 under Section 80P for AY 2018-19, due to not filing its return of income under Section 139(1), leading to an assessment of total income at Rs.60,07,090. The initial assessment was made under Section 143(3) r.w.s 144(3A) & 143(3B).

What were the issues?

The primary issue concerned the disallowance of Section 80P deduction due to the assessee's failure to file the return of income under Section 139(1), which was resolved by the condonation of delay by CBDT and a consequential order by the AO, leading to the withdrawal of the appeal.

Which sections of the Income-tax Act were involved?

Section 143(3),Section 144(3A),Section 143(3B),Section 80P,Section 139(1)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “A” BENCH : BANGALORE

Before: SHRI PRASHANT MAHARISHI & SHRI SOUNDARARAJAN K.

For Appellant: Shri Pranav Krishna, Advocate
For Respondent: Ms. Nishi Padma, Addl. CIT(DR)(ITAT), Bengaluru
Hearing: 08.05.2025Pronounced: 08.05.2025

Per Prashant Maharishi, Vice President

1.

This appeal is filed by Daivagna Credit Co-operative Society Limited, Davangere (the assessee/appellant) for the assessment year 2018-19 against the appellate order passed by the National Faceless Appeal Centre, Delhi (NFAC) [ld. CIT(A)] dated 09.01.2025.

2.

At the outset, the ld. AR for the assessee submitted that an assessment order was passed u/s 143(3) r.w.s 144(3A) & 143(3B) of the Act dated 26.2.2021 disallowing deduction u/s. 80P amounting to Rs.60,97,000

on the premise that assessee has not filed return of income u/s. 139(1) of the Act. Accordingly the assessee was assessed at a total income of Rs.60,07,090 as against the returned income at NIL.

3.

Aggrieved with the assessment order, the assessee preferred appeal before the CIT(Appeals), NFAC. The assessee also filed an application for condonation of delay in filing the return of income before the CBDT which was forwarded to the CCIT, Bengaluru. The ld. CCIT, Bengaluru-1 condoned the delay in filing the return by order dated 28.11.2024 (copy filed on record). Pursuant to this order, the ld. AO has passed the consequential order giving the benefit of deduction claimed u/s. 80P to the assessee. In this regard, the assessee’s letter dated 6.5.2025 is placed on record. In view of the above, the ld. AR requested for withdrawal of the appeal with liberty to revive the appeal, if the occasion so arises. The ld. DR agreed.

4.

Accordingly, in the light of the above, the assessee’s appeal is dismissed as withdrawn, with liberty to revive the appeal as prayed for.

Pronounced in the open court on this 08th day of May, 2025.

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