THE KARNATAKA STATE CO-OPERATIVE AGRICULTURE AND RURAL DEVELOPMENT BANK,BENGALURU vs. INCOME-TAX OFFICER, WARD-5(2)(1), BANGALORE

ITA 1054/BANG/2023Status: DisposedITAT Bangalore29 April 2024AY 2013-1448 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal condoned the delay in filing the appeals, finding the reasons cited by the assessee to be bonafide and sufficient. The Tribunal noted that there was no malafide intention and that the delay was caused by genuine difficulties and inability to act promptly.

What were the facts?

The assessee, a state-level co-operative agriculture and rural development bank, claimed deductions under Section 80P(2)(a)(i)/(d) on its interest income. The Assessing Officer disallowed this claim, holding that the assessee was engaged in banking business and hit by Section 80P(4). The CIT(A) upheld the disallowance.

What were the issues?

Whether the assessee is eligible for deduction under Section 80P(2) despite being considered a banking entity under Section 80P(4), and whether the delay in filing the appeal should be condoned.

Which sections of the Income-tax Act were involved?

Section 80P(2)(a)(i),Section 80P(2)(d),Section 80P(4)

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Income Tax Appellate Tribunal, A BENCH : BANGALORE

Before: SHRI CHANDRA POOJARI & SMT BEENA PILLAI

For Appellant: Shri K. Sheshadri, CA &, Shri Bharadwaj Sheshadri
For Respondent: Shri D.K. Mishra, CIT – DR

PER BEENA PILLAI, JUDICIAL MEMBER Present appeals arise out of the following orders of the L.CIT(A) passed independently for Assessment Years 2012-13 to 2018-19 & 2020-21. The details of the impugned orders are as under: ITA Nos. 1052 to 1060/Bang/2023 Appeal No.

Assessment Year Impugned order dated 2012-13 29/05/2023 2013-14 11/05/2023 2013-14 11/05/2023 2014-15 11/05/2023 2015-16 16/

The order continues below.

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