THE ERODE CITY MUNICIPAL CORPORATION EMP CO-OP T& C LIMITED,ERODE vs. ITO, WARD 1(1), ERODE

ITA 509/CHNY/2024Status: DisposedITAT Chennai22 July 2024AY 2018-19Bench: HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM AND HON’BLE SHRI MANU KUMAR GIRI (Judicial Member)14 pages
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What did the Tribunal hold?

The Tribunal restored the appeal to the CIT(A) for fresh adjudication pending the decision of the CBDT on the assessee's petition for condonation of delay under Section 119(2)(b). For the second appeal, the Tribunal allowed the deduction under Section 80P(2)(d) for interest income from another cooperative society, following the jurisdictional High Court's judgment.

What were the facts?

The assessee, Erode City Municipal Corporation Employees Cooperative Thrift & Credit Society, filed its return of income beyond the due date and claimed deduction under Section 80P. The Assessing Officer disallowed the deduction based on Section 80AC, which requires returns to be filed by the due date for claiming such deductions. The CIT(A) upheld the AO's decision.

What were the issues?

Whether a cooperative society is eligible for deduction under Section 80P when the return is filed after the due date, and whether interest income from another cooperative society is deductible under Section 80P(2)(d).

Which sections of the Income-tax Act were involved?

Section 80P,Section 80AC,Section 139(1),Section 119(2)(b),Section 139(4)

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Income Tax Appellate Tribunal, ‘A’ BENCH, CHENNAI

Before: HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM & HON’BLE SHRI MANU KUMAR GIRI, JM

Hearing: 11.07.2024Pronounced: 22.07.2024

PER MANU KUMAR GIRI (Judicial Member)

These two Income Tax Appeals filed by the assessee are directed against the order of the Ld. Commissioner of Income Tax(Appeal)(NFAC) Delhi [CIT(A)] dated 09.01.2024 and dated 08.01.2023 for Assessment Years 2018-19 and 2020-21 respectively. Adjudication on Appeal for AY 2018-19 in ITA No.509/Chny/2024:

2.

Grounds of appeal are

The order continues below.

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