Athoor P.U.Public Servants Cooperative Thrift and Credit Society Limited vs Income Tax Officer, Ward-1, Dindigul

Parties Involved

Facts Summary

The appellant, Athoor P.U.Public Servants Cooperative Thrift and Credit Society Limited, is a Cooperative Society incorporated under the Tamil Nadu Cooperative Society Act 1983. It filed its return of income for the Assessment Year 2020-21 declaring an income of Rs.6,590/- after claiming a deduction of Rs. 48,99,939/- under section 80P of the Income Tax Act. The assessment was completed by the National Faceless Assessment Centre (AO) on 22.09.2022, determining the total income at Rs.13,14,388/-. The AO denied the deduction under section 80P(2)(d) for interest and dividend income earned from the Dindigul Central Cooperative bank. The appellant did not contest this assessment. Subsequently, the AO initiated penalty proceedings under section 270A(8) for underreporting of income, levying a penalty of Rs.8,16,066/-. The appellant appealed this penalty before the CIT(A), which was confirmed. The appellant then filed the present appeal against the penalty.…

Legal Issues

• 1. Whether the AO is justified in levying a penalty under section 270A of the Income Tax Act.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

Similar Judgements

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