KAKKUR SERVICE CO-OPERATIVE BANK LTD,KAKKUR vs. ITO, WARD-2(3), KOZHIKODE

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ITA 20/COCH/2024Status: DisposedITAT Cochin07 November 2024AY 2018-2019Bench: SHRI SATBEER SINGH GODARA (Judicial Member), SHRI AMARJIT SINGH (Accountant Member)3 pages

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

AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the lower authorities could not have invoked Section 143(1)(a)(v) retrospectively for the assessment year 2018-2019, as the relevant amendment by the Finance Act, 2021, was effective from 01.04.2021. Therefore, the disallowance was incorrect.

What were the facts?

The assessee, Kakkur Service Co-operative Bank Ltd., appealed against an order disallowing its Section 80P deduction for AY 2018-2019. The disallowance was made under Section 143(1)(a)(v) of the Income Tax Act.

What were the issues?

Whether Section 143(1)(a)(v) could be invoked retrospectively to disallow a Section 80P deduction for an assessment year prior to the amendment's effective date.

Which sections of the Income-tax Act were involved?

Section 80P,Section 143(1)(a)(v)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, COCHIN BENCH : COCHIN

Before: SHRI SATBEER SINGH GODARA & SHRI AMARJIT SINGH

Hearing: 23.08.2024Pronounced: 07.11.2024

IN THE INCOME TAX APPELLATE TRIBUNAL COCHIN BENCH : COCHIN BEFORE SHRI SATBEER SINGH GODARA, JUDICIAL MEMBER AND SHRI AMARJIT SINGH, ACCOUNTANT MEMBER I.T.A.No.20/COCH./2024 Assessment Year 2018-2019 Kakkur Service Co- The Income Tax Officer, operative Bank Ltd., Ward-2 (3), Aayakar Kakkur, KOZHIKODE. vs. Bhavan, Mananchira, PIN – 673 613. KERALA. KOZHIKODE. KERALA. PAN AACAK1839L (Appellant) (Respondent) For Assessee : -None- For Revenue : Smt. V. Swarnalatha, Sr. DR Date of Hearing : 23.08.2024 Date of Pronouncement : 07.11.2024 ORDER PER SATBEER SINGH GODARA, J.M. :

This assessee’s appeal, for assessment year 2018- 2019, arise against the Addl/JCIT(A), Bhubaneswar, Bhubaneswar’s Din and Order No.ITBA/APL/S/250/2023-24 /1058312243(1), dated 29.11.2023, in proceedings u/s.143(1) of the Income Tax Act, 1961 (in short “the Act”).

Case called twice. None appears at assessee’s behest. It is accordingly proceeded ex-parte.

2.

It appears at the outset that there is hardly had any need for us to give detailed consideration to the assessee’s sole substantive grievance seeking to reverse both the learned lower authorities action disallowing its section 80P deduction claimed by way of section 143(1)(a)(v) “processing” dated 29.06.2019 as upheld in the lower appellate ex-parte discussion. This is for the precise reason that the legislature has amended section 143(1)(a)(v) enabling provision to this effect by way of amendment in the Finance Act, 2021 w.e.f. 01.04.2021 whereas the impugned assessment order is AY 2018-19. Meaning thereby that both the learned lower authorities could not have invoked s.143(1)(a)(v) “processing” retrospectively for disallowing assessee’s impugned section 80P deduction. We accept the assessee’s instant sole substantive ground in very terms. Ordered accordingly.

3.

This assessee’s appeal is allowed in above terms. Order pronounced in the open Court on 07.11. 2024.

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