GURUVAYUR SERVICE CO OPERATIVE BANK LIMITED,GURUVAYUR vs. INCOME TAX OFFICER, GURUVAYUR
Facts
The appellant, a primary agricultural credit co-operative society, filed its income tax return belatedly. Consequently, the CPC disallowed the deduction claimed under Section 80P(2)(a)(i) due to the delayed filing. The appellant subsequently filed a petition with the Pr. Commissioner of Income Tax seeking condonation of this delay.
Held
The Tribunal restored the matter to the CPC, directing a fresh assessment based on the outcome of the assessee's condonation of delay petition filed before the PCIT. The appeal was thus allowed for statistical purposes pending the decision on the condonation application.
Key Issues
Whether the deduction under Section 80P(2)(a)(i) can be disallowed solely for belated filing of the return, and the impact of a pending condonation of delay petition on the assessment.
Sections Cited
143(1), 80P(2)(a)(i)
AI-generated summary — verify with the full judgment below
Income Tax Appellate Tribunal, COCHIN BENCH
Before: SHRI INTURI RAMA RAO, AM
IN THE INCOME TAX APPELLATE TRIBUNAL COCHIN BENCH
BEFORE SHRI INTURI RAMA RAO, AM ITA No. 74/Coch/2025 Assessment Year: 2023-24 Guruvayur Service Co-op. Bank Ltd. .......... Appellant Thaikkad P.O., Thrissur 680104 [PAN: AACAG2120N] vs. The Income Tax Officer .......... Respondent Ward 1 & TPS, Guruvayur
Appellant by: Shri M. Ramdas, CA Respondent by: Smt. Leena Lal, Sr. D.R.
Date of Hearing: 11.02.2025 Date of Pronouncement: 24.02.2025
O R D E R This appeal filed by the assessee is directed against the order of the National Faceless Appeal Centre (NFAC), Delhi [CIT(A)] dated 29.11.2024 for Assessment Year (AY) 2023-24.
Brief facts of the case are that the appellant is a primary agricultural credit co-op. society formed for providing financial assistance to its members for agricultural and allied activities and trading certain goods. The return of income along with audit report was field belatedly. The said return of income was processed by the CPC u/s. 143(1) of the Income Tax Act, 1961 (the Act) on 19.04.2024. The CPC disallowed the deduction claimed u/s. 80P(2)(a)(i) of the Act of Rs.
2 ITA No. 74/Coch/2025 Guruvayur Service Co-op. Bank Ltd. 21,15,370/- for the reason that the return of income had not been filed within the due date.
The appellant filed a petition before the Pr. Commissioner of Income Tax (PCIT) seeking condonation of delay in filing the return of income.
Since the assessee had moved petition for condonation of delay before the PCIT, the matter is restored to the file of the CPC to make fresh assessment depending upon the outcome of the condonation petition filed by the appellant before the PCIT.
In the result, the appeal filed by the assessee is allowed for statistical purposes
Order pronounced in the open court on 24th February, 2025.
Sd/- (INTURI RAMA RAO) ACCOUNTANT MEMBER Cochin, Dated: 24th February, 2025 n.p. Copy to: 1. The Appellant 2. The Respondent 3. The Pr. CIT concerned 4. The Sr. DR, ITAT, Cochin 5. Guard File
Assistant Registrar
