THE NATTIKA FIRKA COOPERATIVE RURAL BANK NO. F. 1251,THRISSUR V. WARD 1 AND TPS, GURUVAYOOR, THRISSUR

ITA 572/COCH/2024

AI Insights

The case involves Nattika Firka Co-operative Rural Bank Ltd., which appealed against the orders of the CIT(A)-2, Chandigarh, concerning the disallowance of section 80P deduction claims for three different assessment years. The appeals were heard by the Income Tax Appellate Tribunal Cochin Bench. The primary legal contention revolved around the applicability of the 'processing' provision under section 143(1)(a)(v) of the Income Tax Act, 1961, and compliance with section 80AC regarding the timely filing of tax returns. The Tribunal's decision differentiated between the assessment years based on the statutory amendments and compliance with procedural requirements.

• Counselvise Citation: [2024] 140 COUNSELVISE.COM (IT) 38386 (ITAT-COCHIN)
• Duration Of Justice: 4 month(s) 9 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 23-10-2024
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: DB
• Assessment Year: 2020-2021
• Appeal Filed On: 13-06-2024
• Laws Referred To: Income Tax Act, 1961
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: S. PANDIAN
• Keywords: Application of stay
• Section: 250; 139(1); 80P

Judgement Text

"IN THE INCOME TAX APPELLATE TRIBUNAL COCHIN BENCH, COCHIN Before Shri Satbeer Singh Godara, Judicial Member and Shri Amarjit Singh, Accountant Member ITA Nos. 572, 573 & 577/Coch/2024 SA Nos. 142, 143 & 141/Coch/2024 (Assessment Years: 2020-21, 2022-23 & 2019-20) Nattika Firka Co-operative Rural Bank Ltd. Valapad P.O. Thrissur 680567 [PAN: AADAT8099E] vs. The Income Tax Officer Ward - 1 & TPS, Guruvayur (Appellant) (Respondent) Appellant by: ------- None ------- Respondent by: Dr. S. Pandian, CIT-DR Date of Hearing: 16.08.2024 Date of Pronouncement: 23.10.2024 O R D E R Per Bench These assessee’s three appeals arise against orders of the CIT(A)-2, Chandigarh in proceedings u/s. 250 of the Income Tax Act, 1961 (the Act) as under: - Sr. No. ITA No. AY DIN & Order No. Date 1 572/Coch/2024 2020-21 ITBA/APL/S/250/2024- 25/1064143423(1) 16.04.2024 2 573/Coch/2024 2022-23 ITBA/APL/S/250/2024- 25/1064182944(1) 18.04.2024 3 577/Coch/2024 2019-20 ITBA/APL/S/250/2024- 25/1064141880(1) 16.04.2024 The assessee has also filed corresponding as many stay applications as well. 2 ITA Nos. 572, 573 & 577/Coch/2024 SA Nos. 142, 143 & 141/Coch/2024 Nattika Firka Co-operativee Rural Bank Ltd. Cases called twice. None appears at assessee’s behest. We accordingly proceed ex-parte against the assessee. 2. Learned CIT-DR vehemently submits during the course of hearing that both the lower authorities herein have rightly disallowed the assessee’s section 80P deduction claim(s); involving varying sums, in all these assessment years by way of “processing” u/sec.143(1)(a)(v) of the Act. He next pinpoints that only distinction in these cases that the last assessment year AY 2022-23 is squarely covered by the statutory amendment that the foregoing provision is applicable from 01.04.2021 onwards wherein the assessee had filed its belted return to claim section 80P deduction. 3. We have given our thoughtful consideration to Revenue’s foregoing vehement arguments. We first of all conclude that so far as the assessee’s appeals ITA No. 577 & 572/Coch/2024 for AYs 2019-20 and 2020-21 are concerned the impugned “processing” provision dealing with Chapter-VI deductions is applicable w.e.f. 01.04.2021 onwards only. We thus see no force in Revenue’s vehement arguments supporting the impugned disallowance by sec.143(1)(a)(v) “processing” in both these cases. These assessee’s twin appeals ITA No. 577 & 572/Coch/2024 succeed in very terms therefore. 4. This leaves as with assessee’s appeal ITA No. 573/Coch/2024 for the last assessment year 2022-23. We note herein that the assessee’s impugned section 80P deduction claim is indeed hit by not only u/sec.143(1)(a)(v) but also the corresponding statutory amendments in section 80AC of the Act applicable from 01.04.2018 and afterwards. The assessee has indeed not complied with the rigor of section 80AC(ii) by filing its returns well within the due date u/s. 139(1) of the Act. 3 ITA Nos. 572, 573 & 577/Coch/2024 SA Nos. 142, 143 & 141/Coch/2024 Nattika Firka Co-operativee Rural Bank Ltd. We thus see no merit in assessee’s instant last appeal ITA 573 /Coch/2024 for AY 2022-23. Rejected accordingly. 5. To sum up, the assessee’s twin appeals herein ITA No. 577 & 572/Coch/2024 are allowed and third appeal ITA 573/Coch/2024 is dismissed in above terms. All the corresponding stay application SA Nos. 141, 142 & 143/Coch/2024 are dismissed as rendered infructuous. A copy of this common order be placed in the respective case files. Order pronounced in the open court on 23rd October, 2024 under Rule 34 of The Income Tax (Appellate Tribunal) Rules, 1963. Sd/- Sd/- (Amarjit Singh) Accountant Member (Satbeer Singh Godara) Judicial Member Cochin, Dated: 23rd October, 2024 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 "