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× Latest Case Laws on Income Tax by various Income Tax Appellate Tribunals in India

These are the latest case laws decided by various Income Tax Appellate Tribunals (ITAT) of India on Income Tax which have been published recently. The case laws are open for discussion and we invite expert comments from our members on its applicability and effect on relevant issues.

02-01-2019, Bangalore Commercial, Section 80P(4), 80P, Tribunal Bangalore

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5 months 1 week ago #8271 by amit
Section - 80P(4), 80P, 80P(2)(a)(i)
Order Date - 02-01-2019
Favouring - Allowed for statistical purposes
Court - Tribunal Bangalore
Appellant - Bangalore Commercial Transport Credit Cooperative Society Ltd.
Respondent - ITO
Justice - A.K.GARODIA AM & PAVAN KUMAR GADALE JM
Citation - 119Taxpundit68
Appeal No. - ITA Nos.2635 & 2636/Bang/2017
Asstt. Year - 2013-14 & 2014-15

Order

PER : PAVAN KUMAR GADALE

The assessee has filed these appeals against different orders of the CIT(A)-5, Bengaluru, for the assessment years 2013-14 and 2014-15 passed u/s 143(3) r.w.s 250 of the Income-tax Act, 1961 [hereinafter referred to as 'the Act' for short].

2. Since the issues involved in these appeals are common, the appeals were clubbed and heard together and disposed of by this common order consolidated order.

3. For the sake of convenience, we take up the assessee’s appeal ITA No.2635/Bang/2017 for assessment year 2013-14 and the facts narrated therein. The assessee has raised the following grounds of appeal:

4. The assessee is a co-operative society engaged in the banking business and filed the Return of income for the assessment year 2013-14 electronically on 26/09/2011 with total income ‘nil’ after claiming deduction u/s 80P of Rs.65,59,655/-. Subsequently the case was selected for scrutiny and notice u/s 143(2) and 142(1) of the Act were issued. In compliance, ld. AR of the assessee appeared from time to time and the case was discussed. In the assessment proceedings the AO has raised doubts with respects to the activities of the assessee whether assessee-society is eligible for deduction u/s 80P as it is engaged in the business of banking The AO has dealt on the provisions and the primary information and legal provisions and having not satisfied with the assessee’s submissions and claim that the assessee is a cooperative society but fact remains that the assessee is in the business of banking activities. Therefore, applying the amended provisions and the judicial decision made disallowance of claim of 80P(4) and assessed the total income of Rs.65,59,655/- and passed order u/s 143(3) dated 02/03/2016.

5. Aggrieved by the order, the assessee filed an appeal with the CIT(A). In the appellate proceedings, the CIT(A) having considered the grounds of appeal and the submissions made by the assessee on the issue of provisions of section 80P(4) at pages 3 to 19, gave the findings in para.5.4 to 5.6, which are as under:

Further, the CIT(A) also dealt on the judicial decisions and also the Apex Court decision in the case of Citizen Co-operative Society vs. ACIT reported in (2017) 84 taxman.com 114 and came to conclusion in para.5.9 as under and dismissed the assessee’s appeal.

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