VAIKOM TALUK CO OP AGRICULTURAL AND RURAL DEVELOPMENT BANK LIMITED K 951,VAIKOM vs. COMMISSIONER OF INCOME TAX, WARD 5, KOTTAYAM, KOTTAYAM

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ITA 598/COCH/2022Status: DisposedITAT Cochin30 November 2022AY 2018-20192 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal set aside the order of the CIT(A) due to incorrect factual appreciation and restored the appeal to the CIT(A) for fresh consideration after appreciating the correct facts.

What were the facts?

The assessee claimed a deduction under Section 80P(2)(a)(i) which was denied by the CPC for filing the return of income after the due date. The CIT(A) erroneously examined a different section and dismissed the appeal.

What were the issues?

Whether the deduction under Section 80P(2)(a)(i) is admissible when the return of income is filed after the due date specified under Section 139(1), and whether the CIT(A) correctly adjudicated the appeal.

Which sections of the Income-tax Act were involved?

Section 80P(2)(a)(i),Section 80AC,Section 139(1)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, COCHIN BENCH, COCHIN

Before: HON’BLE SHRI SATBEER SINGH GODARA, J.M & HON’BLE SHRI MANOJ KUMAR AGGARWAL, A.M

आदेश / O R D E R Manoj Kumar Aggarwal (Accountant Member) 1. Aforesaid appeal by assessee for Assessment Year (AY) 2018-19 arises out of the order of learned Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi [CIT(A)] dated 30-03-2022 in the matter of an intimation issued by Centralized Processing Center, Bengaluru (CPC) on 16.10.2019. The sole grievance of the assessee is denial of deduction u/s 80P(2)(a)(i).

1.

- 2 - 2. Upon perusal of records, it could be seen that the assessee claimed deduction u/s 80P(2)(a)(i) for Rs.164.18 Lacs in the return of income. However, the same was denied by CPC apparently due to violation of clause (ii) of Sec.80AC which provide that any deduction under the heading “C-deductions in respect of certain incomes” shall not be allowed unless the assessee furnishes return of income before due date specified u/s 139(1). The due date as noted by CPC is 30.09.2018 whereas the assessee has filed return of income on 09.10.2018. The Ld. CIT(A) erroneously examined the claim of the assessee u/s 80P(2)(d) and dismissed the appeal. Aggrieved, the assessee is in further appeal before us.

3.

Since Ld. CIT(A) has failed to take note of correct factual matrix, we set aside the impugned order and restore the appeal back to the file of Ld. CIT(A) for fresh consideration after appreciating correct facts of the case. The assessee is directed to substantiate its case.

4.

The appeal stand allowed for statistical purposes. Order pronounced on 30th November, 2022.

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