M/S.OLAVANNA SERVICE CO-OPERATIVE BANK LTD.,CALICUT vs. THE INCOME TAX OFFICER,WARD 2(3), KOZHICODE

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ITA 771/COCH/2023Status: DisposedITAT Cochin05 November 2024Bench: Shri Satbeer Singh Godara (Judicial Member), Shri Amarjit Singh (Accountant Member)2 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 held that the amendment to section 80AC, mandating filing within the due date for section 80P deduction, is applicable from AY 2022-23 onwards. Therefore, the assessee's claim for deduction is rejected.

What were the facts?

The assessee filed its return for AY 2022-23 after the due date. The lower authorities invoked section 80P deduction disallowance under section 143(1)(a)(v) due to the belated filing, citing section 80AC.

What were the issues?

Whether a belatedly filed return is eligible for section 80P deduction in light of the amended section 80AC. The applicability of the amendment to section 80AC from AY 2022-23 onwards.

Which sections of the Income-tax Act were involved?

Section 80P,Section 143(1)(a)(v),Section 139(1),Section 80AC

AI-generated summary — verify with the full judgment below

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Income Tax Appellate Tribunal, COCHIN BENCH, COCHIN

Before: Shri Satbeer Singh Godara & Shri Amarjit Singh

For Respondent: Smt. V. Swarnalatha, Sr. D.R
Hearing: 12.08.2024

O R D E R Per Bench : This assessee’s appeal for A.Y. 2022-23 arises against the Addl/JCIT (A), Indore [CIT(A)]’s DIN & Order No. ITBA/APL/ S/250/2023-24/ 1056972600(1) dated 11.10.2023 in proceedings u/s. 250 of the Income Tax Act, 1961 (the Act).

1.

The case was called twice. None appeared on behest of the assessee. Therefore, we proceeded to hear the appeal exparte qua the assessee.

2.

It emerged at the outset that both the learned lower authorities have invoked section 80P deduction disallowance u/s. 143(1)(a)(v) “processing” in the light of the fact that the assessee’s corresponding return had not been filed within the due date u/s. 139(1) of the Act attracting s. 80AC (as amended from 01.04.2018 onwards).

3.

The assessee’s stand all along has been that hon'ble jurisdictional high court in Chirakkal Service Co-operative Bank Ltd. case [2016] 384 ITR 490 (Ker) has settled the issue that even a “belated” return is also entitled to be considered for section 80P deduction. We find that the CIT(A) has already taken note thereof whilst quoting the statutory amendment in section 80AC that such a return has been mandatorily filed within the due date u/s. 139(1) of the Act. This amendment has admittedly come well after their lordships’ judgement and therefore, we have no option but to reject the assessee’s claim in light of section 80AC (as amended) w.e.f. 01.04.2021 applicable from AY 2022-23 onwards. Rejected accordingly.

4.

In the result, assessee’s appeal is dismissed. Order pronounced in the open court on this 5th Day of November, 2024.

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