THE NATTIKA FIRKA COOPERATIVE RURAL BANK NO. F. 1251,THRISSUR vs. WARD 1 AND TPS, GURUVAYOOR, THRISSUR

Learned CIT-DR vehemently submits during the course of hearing that both the lower authorities herein have rightly disallowed the assessee’s section 80P deduction claim(s); involving varying sums, in all these assessment years by way of “processing” u/sec.143(1)(a)(v) of the Act. He next pinpoints that only distinction in these cases that the last assessment year AY 2022-23 is squarely covered by the statutory amendment that the foregoing provision is applicable from 01.04.2021 onwards wherein the assessee had filed its belted return to claim section 80P deduction.

We have given our thoughtful consideration to Revenue’s foregoing vehement arguments. We first of all conclude that so far as the assessee’s appeals & 572/Coch/2024 for AYs 2019-20 and 2020-21 are concerned the impugned “processing” provision dealing with Chapter-VI deductions is applicable w.e.f. 01.04.2021 onwards only. We thus see no force in Revenue’s vehement arguments supporting the impugned disallowance by sec.143(1)(a)(v) “processing” in both these cases. These assessee’s twin appeals & 572/Coch/2024 succeed in very terms therefore.

This leaves as with assessee’s appeal for the last assessment year 2022-23. We note herein that the assessee’s impugned section 80P deduction claim is indeed hit by not only u/sec.143(1)(a)(v) but also the corresponding statutory amendments in section 80AC of the Act applicable from 01.04.2018 and afterwards. The assessee has indeed not complied with the rigor of section 80AC(ii) by filing its returns well within the due date u/s. 139(1) of the Act.

To sum up, the assessee’s twin appeals herein & 572/Coch/2024 are allowed and third appeal ITA 573/Coch/2024 is dismissed in above terms. All the corresponding stay application SA Nos. 141, 142 & 143/Coch/2024 are dismissed as rendered infructuous. A copy of this common order be placed in the respective case files.