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Income Tax Appellate Tribunal, PUNE BENCH “SMC”, PUNE
Before: SHRI INTURI RAMA RAO & Ms. ASTHA CHANDRA
This is an appeal filed by the assessee directed against the order of Addl./JCIT(A), Kolkata, dated 15.02.2024 for the assessment year 2021- 22.
Briefly, the facts of the case are that the appellant is a Cooperative Society established under the Maharashtra Co.op Societies Act, 1960. It is engaged in the business of providing credit facilities to its members and accepting deposits from them. The Return of Income for the assessment year 2021-22 was filed belatedly on 22.03.2022 declaring Nil after claiming deduction of Rs.12,35,695/- u/s.80P(2)(a)(i) and Rs.8,48,117/- u/s.80P(2)(d) of the Act. The said return was processed vide intimation dated 28.12.2022 u/s.143(1)(a) disallowing the deduction u/s.80P(2)(a)(i)/80P(2)(d) of the Act on the ground that the Return of Income was not filed within the prescribed time.
Being aggrieved, an appeal was filed before the CIT(A)/NFAC, who vide impugned order confirmed the action of the CPC disallowing the deduction u/s.80P(2)(a)(i)/80P(2)(d) of the Act.
Being aggrieved, the appellant is in appeal before this Tribunal in the present appeal.
The ld. AR submits that the Return of Income was filed within the prescribed due date as extended by the CBDT vide Notification No.17/2021, dt. 09.09.2021 and therefore CPC ought not to have disallowed the claim for deduction u/s.80P of the Act.
On the other hand, the ld. Sr. DR expressed disagreement with the submission made on behalf of the appellant.
We heard both the sides perused the material on record.
Admittedly, the Return of Income was filed within the due date as prescribed, extended by CBDT vide Notification No.17/2021, dt.
09.09.2021. Therefore, the CPC ought not to have denied the exemption u/s.80P of the Act. In the circumstances, we remit the matter back to the CPC with a direction to amend the intimation u/s.143(1) by allowing exemption u/s.80P of the Act. Accordingly, the appeal filed by the assessee stands allowed.
In the result, the appeal filed by the assessee is allowed.
Order pronounced on this 6th day of June, 2024.