K-293 PONNERI PRIMARY AGRICULTURAL CO OPERATIVE CREDIT SOCIETY,TIRUPUR vs. INCOME TAX OFFICER, WARD 2 (4), TIRUPUR

Aforesaid appeal by assessee for Assessment Year (AY) 2016-17 arises out of an order passed by learned Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi [CIT(A)] on 14-03-2023 in the matter of an assessment framed by Ld. Assessing Officer [AO] u/s. 143(3) of the Act on 24-12-2018.

The Registry has noted delay of 312 days in appeal, the condonation of which has been sought by Ld. AR. Considering the fact that the assessee is a society, we condone the delay and proceed for disposal of the appeal on merits. 3. In the assessment order, Ld. AO denied deduction u/s 80P(2)(i)(a) on the ground that the assessee had certain members who did not have any voting rights. The assessee earned interest income of Rs.0.56 Lacs from M/s Coimbatore Central Co-operative Bank. The Ld. AO, observing that surplus funds were parked with that bank, assessed the income as income from other sources. The Ld. CIT(A) confirmed the assessment for want of representation from the assessee. The Ld. AR has submitted that the impugned deduction has been granted to the assessee in other years. The Ld. AR also submitted that interest income would be eligible for deduction u/s 80P(2)(d). 4. Considering the aforesaid submissions, we restore the appeal back to the file of Ld. CIT(A) for fresh adjudication after affording reasonable opportunity of hearing to the assessee. The assessee is directed to substantiate its case and supply the requisite information. All the issues are kept open. 5. The appeal stand allowed for statistical purposes. Order pronounced on 21st May, 2024. Sd/- Sd/- (MANOJ KUMAR AGGARWAL) (MAHAVIR SINGH) लेखा सद� / ACCOUNTANT MEMBER उपा�� / VICE PRESIDENT चे�ई Chennai; िदनांक Dated : 21-05-2024 RSR आदेश की �ितिलिप अ�ेिषत/Copy of the Order forwarded to : 1. अपीलाथ�/Appellant 2. ��थ�/Respondent 3. आयकरआयु�/CIT, Chennai/Coimbatore/Salem/Madurai 4. िवभागीय �ितिनिध/DR 5. गाड� फाईल/GF