Chenniangirivalasu primary agricultural co-operative credit society limted, Perundurai V. Ito, ward 2(2), erode, Erode

ITA 281/CHNY/2023

AI Insights

The case involves Chenniangirivalasu Primary Agricultural Co-operative Credit Society Ltd., which appealed against the order of the Learned Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, Delhi. The appeal pertained to the Assessment Year 2011-12, concerning an assessment framed by the Learned Assessing Officer under sections 143(3) read with section 147 of the Income Tax Act. The primary issue was the denial of exemption on interest earned from members, which the assessee claimed was exempt under section 80P(2)(a). The Assessing Officer and the CIT(A) denied the exemption due to the absence of details regarding the members from whom the interest was received. The tribunal, considering the principles of natural justice, provided another opportunity for the assessee to substantiate its claim by directing it to furnish the necessary details.

• Counselvise Citation: [2023] 140 COUNSELVISE.COM (IT) 133935 (ITAT-CHENNAI)
• Duration Of Justice: 1 month(s) 19 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 23-04-2023
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Next Hearing Date: 23-04-2023
• Assessment Year: 2011-2012
• Appeal Filed On: 05-03-2023
• Laws Referred To: Income Tax Act
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Co-operative Credit Society

Judgement Text

आयकर अपीलीय अिधकरण ‘बी’ ायपीठ चे ई म । IN THE INCOME TAX APPELLATE TRIBUNAL ‘B’ BENCH, CHENNAI माननीय +ी मनोज कु मार अ/वाल ,लेखा सद4 एवं माननीय +ी मनोमोहन दास, ाियक सद4 के सम8। BEFORE HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM AND HON’BLE SHRI MANOMOHAN DAS, JUDICIAL MEMBER आयकर अपील सं./ ITA No.281/Chny/2023 (िनधा@रण वष@ / Assessment Year: 2011-12) Chenniangirivalasu Primary Agricultural Co-operative Credit Society Ltd. 76, Mugasipidariyur Gramam, Mugasipidariyur Post, Perundurai – 638 051. बनाम / V s. ITO Ward-2(2), Erode. थायी लेखा सं./जीआइ आर सं./P AN /GI R No . AAAA A- 9 4 7 4 - H (अपीलाथ /Appellant) : ( थ / Respondent) अपीलाथ की ओरसे/ Appellant by : None थ की ओरसे/Respondent by : Shri D. Hema Bhupal (JCIT) –Ld. DR सुनवाई की तारीख/Date of Hearing : 24-04-2023 घोषणा की तारीख /Date of Pronouncement : 24-04-2023 आदेश / O R D E R Manoj Kumar Aggarwal (Accountant Member) 1. Aforesaid appeal by assessee for Assessment Year (AY) 2011-12 arises out of the order of learned Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi [CIT(A)] dated 31-01-2023 in the matter of an assessment framed by Ld. Assessing Officer [AO] u/s.143(3) r.w.s. 147 of the Act on 28-11-2019. At the time of hearing, none appeared for assessee. Accordingly, the appeal is being disposed-off with the able assistance of Ld. Sr. DR who has supported the findings rendered in impugned order. ITA No.281/Chny/2023 - 2 - 2. The assessee earned interest from members for Rs.1.83 Lacs and claimed the same to be exempt u/s 80P(2)(a). The Ld. AO denied the same since the assessee failed to produce the details of members from whom interest was received. The situation remained the same before Ld. CIT(A) which led to confirmation of addition. Aggrieved, the assessee is in further appeal before us. 3. We find that the impugned deduction has been denied to the assessee for want of requisite details. If these details are provided by the assessee, it would be eligible to claim the impugned deduction otherwise not. Therefore, keeping in mind the principle of natural justice, we deem it fit to provide another opportunity to assessee to substantiate its stand. Therefore, this issue is restored back to the file of Ld. CIT(A) for de novo adjudication with a direction to the assessee to file requisite details. 4. The appeal stand allowed for statistical purposes. Order pronounced in the open Court on 24 th April, 2023. Sd/- (MANOMOHAN DAS) ाियक सद4 /JUDICIAL MEMBER Sd/- (MANOJ KUMAR AGGARWAL) लेखा सद4 / ACCOUNTANT MEMBER चे*ई / Chennai; िदनांक / Dated : 24-04-2023 EDN/- आदेश की Sितिलिप अ /ेिषत/Copy of the Order forwarded to : 1. अपीलाथ /Appellant 2. यथ /Respondent 3. आयकर आयु3/CIT 4. िवभागीय ितिनिध/DR 5. गाड फाईल/GF