MALANADU CO-OPERATIVE AGRICULTURE AND RURAL DEVELOPEMENT BANK LTD,NEDUMANGAD vs. ITO, WARD-1 & TPS, THODUPUZHA

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ITA 195/COCH/2024Status: DisposedITAT Cochin07 November 2024AY 2017-2018Bench: SHRI SATBEER SINGH GODARA (Judicial Member), SHRI AMARJIT SINGH (Accountant Member)3 pages

In favour of the Revenue: the assessee's appeal was dismissed. From the AI summary of this appeal.

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal upheld the lower authorities' decision, stating that the Section 80P deduction claim was not made in the original return of income as required by Section 80A(5) of the Act. The amendment to Section 80AC(ii) was noted but deemed not applicable to the present case.

What were the facts?

The assessee, Malanadu Co-operative Agriculture and Rural Development Bank Ltd., appealed against the rejection of its Section 80P deduction claim for AY 2017-2018. The lower authorities rejected the claim because it was not originally claimed in the return of income.

What were the issues?

Whether a Section 80P deduction claim can be allowed if it was not originally claimed in the return of income, and the applicability of Section 80A(5) in this regard.

Which sections of the Income-tax Act were involved?

Section 80P,Section 80A(5),Section 139(1),Section 80AC(ii)

AI-generated summary — verify with the full judgment below

Cases cited in this judgment(1)Show list

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Income Tax Appellate Tribunal, COCHIN BENCH, COCHIN

Before: SHRI SATBEER SINGH GODARA & SHRI AMARJIT SINGH

Hearing: 23.08.2024Pronounced: 07.11

Date of Pronouncement : 07.11. 2024 Date of Hearing : 23.08.2024 ORDER PER BENCH :

This assessee’s appeal ITA.No.195/Coch/2024, for assessment year 2017-2018, arises out of the order of the Commissioner of Income-tax (Appeals)/NFAC vide DIN & Order No.ITBA/NFAC/S/250/2023-24/1060772579(1) dated 12.02.2024 in proceedings u/s.144 of the Income-tax Act, 1961; in short “the Act” hereinafter.

2.

Coming to the assessee’s sole substantive ground that both the learned lower authorities have erred in law and on facts in rejecting it’s sec.80P deduction claim, the clinching fact which emerges from a perusal of the case file is that the same had never been claimed in “a return” as per sec.80A(5) of the Act. Case law EBR Enterprises vs. Union of India [2019] 415 ITR 139 (Bom.) is found to have already settled the issue in Revenue’s favour. We thus uphold the CIT(A)-NFAC’s impugned findings to this effect in page-3 paras 4.3 to 5 of the lower appellate discussion.

3.

We make it clear before parting that although the legislature has amended sec.80AC(ii) w.e.f. 01.04.2018 that a return in such an instance has to be filed within “due” date u/sec.139(1) of the Act, the same does not apply as sec.80A(5) specific condition is not that if filing sec.139(1) return but in raising such relief in “a return” only. Rejected accordingly.

4.

This assessee’s appeal is dismissed in above terms.

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