LIMBASI SEVA SAHAKARI MANDLI LIMITED,KHEDA vs. INCOME TAX OFFICER WARD 3 NADIAD, NADIAD

The Grounds of Appeal raised by the Assessee are as follows: (1) The NFAC has dismissed the appeal without considering the request of the Assessee for adjournment as CA was out of India and not provided sufficient opportunity to submit required documents to substantiate the facts of the case. (2)The NFAC did not consider the appeal in merit. The NFAC has erred in law and or on facts in holding that the deduction u/s 80P(2) of Rs. 31,15,639 is not allowable as per the provisions of Section 80P(4) of the Act. The Assessment Order itself contains the facts of the case that the Assessee is a registered Co-operative society not having any banking licence and eligible for deduction u/s 80P(2) of the Act and provisions of section 80P(4) is not applicable to the Assessee. However, the Lower Authorities have ignored the fact and even disregard the CBDT circular in the matter and applied the provisions of section 80P(4) to disallow deduction claimed of Rs. 31,15,639 u/s 80P(2) of the Act, which is wholly illegal, unlawful and against the principal of natural justice. (3)The NFAC order state that case has decided on the merits while adjudicating the same. However, all the ground has been dismissed ex- party without considering the facts and mechanically relied on the Order of the ITO without applying brain in the case. (4)The Assessee craves the leave of this court to add, delete or alter any ground of appeal where it is required for just and equitable ground.