Loading judgment…
No AI summary yet for this case.
Income Tax Appellate Tribunal, COCHIN BENCH, COCHIN
Before: Shri Satbeer Singh Godara & Shri Amarjit Singh
O R D E R Per Bench
This assessee’s appeal for A.Y. 2020-21 arises against the National Faceless Appeal Centre, Delhi [CIT(A)]’s DIN & Order No. ITBA/ NFAC/S/250/2023- 24/106082502(1) dated 12.02.2024 in proceedings u/s. 250 of the Income Tax Act, 1961 (the Act).
Heard both parties. Case file perused.
Mr. Narayanan, learned counsel, vehemently argues that both the lower authorities have wrongly rejected its section 80P deduction claim in section 143(1)(a)(v) “processing” followed by section 144B assessment dated 19.09.2022 as upheld in CIT(A)’s order. He seeks to buttress the point that the legislature has Badagara Co-op. Rural Bank Ltd. amended section 143(1)(a)(v) vide Finance Act, 2021 w.e.f. 01.04.2021 whereas we are in AY 2020-21 and therefore such a disallowance is hardly sustainable in law.
Learned CIT-DR, on the other hand, highlighted the fact that the CIT(A) could not have allowed he assessee’s deduction claim once the latter had not come in appeal again the 143(1)(a)(v) processing in question.
Faced with this situation, we reject assessee’s instant appeal for the very reason with liberty to challenge the foregoing processing disallowing its section 80P deduction as per law by availing appropriate remedy, if so advised. It goes without saying that the appropriate authority shall indeed consider the foregoing statutory amendment to decide the same as per law. Ordered accordingly.
This assessee’s appeal is dismissed as withdrawn in above terms.