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Income Tax Appellate Tribunal, COCHIN BENCH, COCHIN
Before: Shri Satbeer Singh Godara & Shri Amarjit Singh
IN THE INCOME TAX APPELLATE TRIBUNAL COCHIN BENCH, COCHIN Before Shri Satbeer Singh Godara, Judicial Member and Shri Amarjit Singh, Judicial Member
ITA No. 131/Coch/2024 (Assessment Year: 2020-21)
Badagara Co-op. Rural Bank Ltd. The Income Tax Officer - 2(2) V.O. Road, Vadagara 673101 Aayakar Bhavan, Mananchira vs. [PAN: AAAAT6785E] Kozhikode 673001 (Appellant) (Respondent)
Appellant by: Shri V.S. Narayanan, CA Respondent by: Dr. S. Pandian, CIT-DR
Date of Hearing: 16.08.2024 Date of Pronouncement: 23.10.2024
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
2 ITA No. 131/Coch/2024 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This assessee’s appeal is dismissed as withdrawn in above terms.
Order pronounced in the open court on 23rd October, 2024. Sd/- Sd/- (Amarjit Singh) (Satbeer Singh Godara) Accountant Member Judicial Member Cochin, Dated: 23rd October, 2024 n.p. Copy to: 1. The Appellant 2. The Respondent 3. The Pr. CIT concerned 4. The Sr. DR, ITAT, Cochin 5. Guard File By Order
Assistant Registrar ITAT, Cochin