JIVRAM TUKARAM MAHAJAN CO.OP FRUIT SALE SOCIETY LTD,JALGAON vs. INCOME-TAX OFFICER, WARD - 1 (4), JALGAON

Succinctly, the facts of the case are that the assessee filed its return declaring total income at Rs.76,510/-, after claiming deduction u/s.80P. During the course of assessment proceedings, the assessee was required to file documentary evidence in support of the deduction claimed, which the assessee could not.

In the absence of such necessary details, the Assessing Officer (AO) completed the assessment by disallowing deduction u/s.80P amounting to Rs.14,64,987/-. The assessee furnished some additional evidence before the ld. CIT(A) in support of the deduction u/s.80P. The ld. CIT(A) observed that the renewal license filed by the assessee and the consequential renewal certificate did not pertain to the period of previous year relevant to the assessment year under consideration. Eventually, he sustained the disallowance of deduction claimed u/s.80P, against which the assessee approached the Tribunal.

Having heard both the sides and gone through the relevant material on record, it is seen that the denial of deduction by the ld. CIT(A) is based on the fact that the assessee did not furnish the renewal certificate. On the contrary, the ld. AR submitted that such certificate was furnished before the ld. CIT(A) which skipped his attention. A prayer was made that the matter may be Jivram Tukaram Mahajan Coop. Fruit Sale Society Ltd., sent back to the AO for examining necessary renewal certificate and the availability of deduction u/s.80P. No serious objection was taken by the ld. DR. In view of the above factual position, I set-aside the impugned order and remit the matter to the file of the AO for deciding afresh the granting or otherwise of the deduction u/s.80P after allowing reasonable opportunity of hearing to the assessee.

In the result, the appeal is allowed for statistical purposes. Order pronounced in the Open Court on 01st September, 2022.