ELANTHOOR SERVICE CO OPER BANK LIMITED,ELANTHOOR V. COMMISSIONER OF INCOME-TAX (APPEALS), NORTH BLOCK

ITA 590/COCH/2024

AI Insights

The case involves the Elanthoor Service Co-op. Bank Ltd., a cooperative society registered under the Kerala Co-Operative Societies Act, 1969, which appealed against the order of the National Faceless Appeal Centre, Delhi. The society had filed its income tax return for the Assessment Year 2018-19, claiming a deduction of Rs. 1,14,51,744 under section 80P of the Income Tax Act, 1961. However, the return was filed belatedly, leading to the disallowance of the deduction and the assessment of income at Rs. 1,14,51,774. The society's appeal for condonation of delay in filing the return was rejected by the CIT under section 119(2)(b) of the Act. The Tribunal dismissed the society's appeal, agreeing with the lower authorities that the delay was not justifiable.

• Counselvise Citation: [2025] 140 COUNSELVISE.COM (IT) 31229 (ITAT-COCHIN)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 21-01-2025
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: DB
• Assessment Year: 2018-2019
• Laws Referred To: Income Tax Act, 1961
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: LEENA LAL
• Assessee Lawyers: T.T. BIJU
• Section: 143(1); 139(1); 80P; 119(2)(b)

Judgement Text

"IN THE INCOME TAX APPELLATE TRIBUNAL COCHIN BENCH BEFORE SHRI INTURI RAMA RAO, AM AND SHRI PRAKASH CHAND YADAV, JM ITA No. 590/Coch/2024 Assessment Year: 2018-19 Elanthoor Service Co-op. Bank Ltd. .......... Appellant Elanthoor P.O., Pathanamthitta 689643 [PAN: AAAAE1867C] Vs. The Income Tax Officer .......... Respondent Ward - 2, Thiruvalla Appellant by: Shri T.T. Biju, Advocate Respondent by: Smt. Leena Lal, Sr. D.R. Date of Hearing: 17.12.2024 Date of Pronouncement: 21.01.2025 O R D E R Per: Inturi Rama Rao, AM This appeal filed by the assessee is directed against the order of the National Faceless Appeal Centre, Delhi [CIT(A)] dated 24.04.2024 for Assessment Year (AY) 2018-19. 2. Brief facts of the case are that the appellant is a co-operative society registered the Kerala Co-Operative Societies Act, 1969. It is engaged in the business of extending credit facilities to its members. The appellant filed return of income for AY 2018-19 on 15.02.2019 disclosing Nil income after claiming deduction of Rs. 1,14,51,744/- 2 ITA No. 590/Coch/2024 Elanthoor Service Co-op. Bank Ltd. u/s. 80P of the Income Tax Act, 1961 (the Act). The said return of income was processed u/s. 143(1) of the Act vide intimation dated 29.06.2019 by determining the income at Rs. 1,14,51,774/- by disallowing the deduction u/s. 80P of the Act, as the return was filed belatedly. 3. Being aggrieved, the appellant is in appeal before us in the present appeal. 4. The learned A.R. submitted that the delay in filing the return of income was not attributable to the assessee and had occurred on account of factors which are beyond the control of the assessee. In the circumstances the disallowance of deduction u/s. 80P of the Act by virtue of section 80AC is arbitrary and illegal. 5. On the other hand, the learned Sr. DR submitted that the learned CIT, (Hqrs.) (Tech) u/s. 119(2)(b) of the Act vide order dated 07.08.2024 had rejected the application for condonation of delay and, therefore, it is prayed that the appeal of the assessee be dismissed. 6. We have heard the rival contentions of both the parties and perused the material available on record. We find that the AO had disallowed the claim for deduction u/s. 80P of the Act primarily on the ground that the return of income was not filed within the due date prescribed u/s. 139(1) of the Act. Now the learned CIT, in exercise of the powers vested with him u/s. 119(2)(b) of the Act and 3 ITA No. 590/Coch/2024 Elanthoor Service Co-op. Bank Ltd. also read with Board circular No. 13/2023 dated 26.07.2023 had disposed of the condonation application of the assessee, as such we do not find any merit in the appeal filed by the assessee. 7. In the result, the appeal filed by the assessee stands dismissed. 8. Order pronounced in the open court on 21st January, 2025. Sd/- Sd/- (PRAKASH CHAND YADAV) JUDICIAL MEMBER (INTURI RAMA RAO) ACCOUNTANT MEMBER Cochin, Dated: 21st January, 2025 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 "