THE CHANDRANAGAR CO-OPERATIVE HOUSE BUILDING SOCIETY LTD,CHANDRANAGAR vs. ITO, WARD-2, PALAKKAD

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ITA 161/COCH/2024Status: DisposedITAT Cochin23 October 2024AY 2014-2015Bench: Shri Satbeer Singh Godara (Judicial Member), Shri Amarjit Singh (Accountant Member)2 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 disallowance of Section 80P deductions was incorrect as the relevant amendment by the Finance Act 2021 has prospective effect, and the assessment years in question (2014-15 and 2015-16) were prior to this amendment.

What were the facts?

The assessee, Chandranagar Co-operative House Building Society Ltd., claimed deductions under Section 80P for assessment years 2014-15 and 2015-16. The lower authorities disallowed these deductions during the processing of returns under Section 143(1)(a)(v).

What were the issues?

Whether the disallowance of Section 80P deduction was valid for assessment years prior to the prospective amendment made by the Finance Act 2021.

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

For Appellant: Smt. Dhanya G., CA
For Respondent: Smt. V. Swarnalatha, Sr. D.R
Hearing: 16.08.2024Pronounced: 23.10.2024

O R D E R Per Bench These assessee’s twin appeals & 162/Coch/2024 arise against orders of the CIT(A)-3, Bengaluru in proceedings u/s. 250 of the Income Tax Act, 1961 (the Act) as under : - DIN & Order No. Date No. 1 161/Coch/2024 2014-15 ITBA/APL/S/250/2023- 11.01.2024 24/1059626120(1) 2 162/Coch/2024 2015-16 ITBA/APL/S/250/2023- 11.01.2024 24/1059626278(1)

Heard both the parties at length. Case files perused.

2.

We note at the outset that the sole substantive clinching issue herein is regarding correctness of both the lower authorities action disallowing the assessee’s & 162/Coch/2024 Chandranagar Co-operative House Building Society Ltd. section 80P deduction(s) of Rs.5,69,051/- and Rs.10,00,793/- in section 143(1)(a)(v) “processing” dated 03.06.2015 and 30.06.2016; assessment year-wise; respectively.

3.

We next note that both the learned lower authorities could not have disallowed assessee’s sec.80P deduction claim in sec.143(1)(a)(v) “processing” once the corresponding amendment to this effect therein; by the Finance Act 2021, w.e.f. 01.04.2021, carries prospective effect only whereas we are in assessment years 2014- 15 and 2015-16. The assessee succeeds in it’s instant twin appeals. Ordered accordingly.

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