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Denial of deduction claimed u/s. 80P[2][a][i] of the Income Tax Act

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Court :
ITAT Bangalore

Brief :
Present appeals are filed by the assessee against the common order dated 25/03/2019 passed by the Ld.CIT(A) Mangaluru for assessment year 2015-16 and 2016-17 on the following grounds. At the outset the Ld.Counsel submitted that issues raised by assessee in both the appeals are common on identical facts.

Citation :
ITA No.1257 & 1258/Bang/2019

IN THE INCOME TAX APPELLATE TRIBUNAL
‘C’ BENCH : BANGALORE
BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER
AND
SMT. BEENA PILLAI, JUDICIAL MEMBER
ITA No.1257 & 1258/Bang/2019
Assessment Year : 2015-16

M/s Potters Cottage
Industiral Co-operative
Society Ltd.,
02, Kulala Sahakara
Bhavana,
Puttur-574 201.
PAN – AAAAP 1215 B

APPELLANT

vs

The Income-Tax Officer,
Ward-1,
Puttur

Respondent

Assessee by : Shri V Srinivasan, Advocate
Revenue by : Smt. H Kabila, Addl.CIT
Date of Hearing : 26-08-2021
Date of Pronouncement : 30-08-2021

ORDER

1. Present appeals are filed by the assessee against the common order dated 25/03/2019 passed by the Ld.CIT(A) Mangaluru for assessment year 2015-16 and 2016-17 on the following grounds. At the outset the Ld.Counsel submitted that issues raised by assessee in both the appeals are common on identical facts.

2. The Assessee is a co-operative society engaged in the business of acceptance of deposits from members, lending loans, providing banking facilities in rule rural village. Ld.AO observed that the purpose of creation of the societies to overall upliftment of Potters and Potter industry within the jurisdiction of the society. For years under consideration assessee filed its return of income after claiming deduction under section 80P of the Act.

3. On the basis of above discussions, and in the interest of Justice we remand this issue back to the Ld.AO to verify the interest earned from investments made in co-operative societies that is eligible for deduction under section 80P(2)(d) of the Act. The Ld.AO is directed to consider the claim in accordance with above observations.

4. Accordingly, the appeals filed by assessee for assessment years under consideration stands allowed for statistical purposes. In the result, the appeal of the assessee is allowed for statistical purposes. Order pronounced in the open court on 30th August, 2021.

Please find attached the enclosed file for the full judgement

 

Poojitha Raam
on 05 September 2021
Published in Income Tax
Views : 10
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