SHRI GANESH MULTIPURPOSE CO-OP SOCIETY LIMITED,BELAGAVI V. ASSESSING OFFICER, NATIONAL E ASSESSMENT CENTRE, BELAGAVI

ITA 159/PAN/2024

AI Insights

The case involves Shri Ganesh Multipurpose Co-Op Society Limited, which appealed against the order of the CIT(A) sustaining the disallowance of a claim for deduction under section 80P(2)(d) of the Income Tax Act. The assessee had claimed a deduction of Rs. 2,53,620/- for interest income derived from deposits with a cooperative bank, which was initially disallowed by the AO/CPC during the processing of the return under section 143(1). The CIT(A) upheld this decision, leading to the appeal before the Tribunal. The Tribunal found that the facts regarding the interest income had not been verified by the AO and thus restored the matter to the AO for a detailed examination.

• Counselvise Citation: [2024] 140 COUNSELVISE.COM (IT) 471238 (ITAT-PANAJI)
• Duration Of Justice: 4 month(s) 11 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 13-11-2024
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: WT(D)
• Next Hearing Date: 12-11-2024
• Assessment Year: 2021-2022
• Appeal Filed On: 02-07-2024
• Laws Referred To: Income Tax Act
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Section: 250; 143(1); 80P

Judgement Text

"IN THE INCOME TAX APPELLATE TRIBUNAL PANAJI BENCH, PANAJI BEFORE SHIR PAVAN KUMAR GADALE, JUDICIAL MEMBER & SHRI GD PADMAHSHALI, ACCOUNTANT MEMBER ITA No. 159/PAN/2024 (A.Y: 2021-22) ACIT, CPC Bengaluru-560500. -| Karnataka. ; Shri Ganesh Multipurpose Co-Op society Limited, Swaminagar, Macche, Belagavi-590014, Karnataka. ear dea F./stargant #./PAN No. AAABS8402J | Appellant dT. [Respondent None Ms.Nazeera Mohammad.Sr.DR 12.11.2024 13.11.2024 aig / ORDER The appeal is filed by the assesse against the order of the Addl /JCIT (A)-8 Delhi passed U/sec 143(1) and u/sec 250 of the Act. The assesse has raised the grounds of appeal challenging the order of the CIT(A) on sustaining the disallowance of claim of deduction under section 80P(2)(d) of the Act. ITA No. 159/PAN/2024 Shri Ganesh Multipurpose Co-Op Society Limited .Macche. Du 2. The brief facts of the case are that, the assesse is a multipurpose cooperative society and is engaged in providing credit facilities to its members. The assessee has filed the return of income for the A.Y 2020-21 on 10.01.2022 disclosing a total income of Rs.Nil after claiming deduction u/sec 80P of the Act. Subsequently, the return of income was processed u/s 143(1) of the Act. Whereas the AO/CPC has not allowed deduction of claim u/sec 80(P)(2)(d) of the Act of Rs.2,53,620/- -and passed the order u/sec 143(1) of the Act dated 19.10.2022. 3. Aggrieved by the order, the assessee has filed an appeal before the CIT(A). Whereas. the CIT(A) considered the grounds. of appeal and_ the submissions of the assesse but has confirmed the action of the A.O and dismissed the assesse appeal. Aggrieved by the order of the CIT(A), the assessee has filed an appeal before the Hon’ble Tribunal. ITA No. 159/PAN/2024 Shri Ganesh Multipurpose Co-Op Society Limited .Macche. ia Fin 4. We heard the Ld. DR submissions and perused the material on record as none appeared on behalf of the assesse. The sole crux of the disputed issue is with respect to disallowance of deduction U/sec 80 P(2)(d) of the Act. The assesse has submitted that the interest income derived by a co-operative society from its deposits with the co-operative bank would be entitled for deduction U/sec 80P(2)(d)~ of the Act. Further a letter was filed by the assesse society on 11-11-2024 disclosing the details of interest income from three entities aggregating to Rs.2,53,623/-. We find the return of income was processed under 143(1) of the Act and the A.O has not verified the facts of earning oof interest income aggregating to Rs.2,53,623/-. Accordingly, we considering the facts and circumstances and to meet the ends of justice, shall provide one more opportunity of hearing to the assessee to substantiate the claims before the assessing officer and therefore for limited purpose, we restore the disputed issue along with evidences to the file of the Assessing officer to examine and verify the claim and decide on the merits. And the assessee should be provided adequate opportunity of hearing ITA No. 159/PAN/2024 Shri Ganesh Multipurpose Co-Op Society Limited .Macche. -4- and the assessee should cooperate in submitting the information. And we allow the grounds of appeal of the assesse for statistical purposes. 5. In the result, the appeal filed by the assessee is allowed for statistical purposes. Order pronounced in the open court on 13.11.2024. Sd/- | sd fz (GD PADMAHSHALI) (PAVAN KUMAR GADALE) ACCOUNTANT MEMBER —_ JUDICIAL MEMBER Panaji Dated: 13/11/2024 ITA No. 159/PAN/2024 Shri Ganesh Multipurpose Co-Op Society Limited .Macche. -5- seg At _wfafae seiia/Copy of the Order forwarded to: 1. The Appellant 2. The Respondent 3. The CIT (Judicial) 4, The PCIT 5. DR, ITAT, 6. Guard File argeregat/ BY ORDER, aearta wie //True Copy// ( Asst. Registrar) ITAT, Panaji the second member Draft proposed & placed before Approved Draft comes to the Sr.PS/PS Date on which file goes to the Head Clerk. : Date of dispatch of Order. Dictation Pad is enclosed "