Bishnupur Rowtara Primary Agriculture Co-operative Credit Society Limited vs ITO Ward-41(1), Nadia

Parties Involved

Facts Summary

This is an appeal filed by the assessee, Bishnupur Rowtara Primary Agriculture Co-operative Credit Society Limited, against the order dated 14.03.2024, passed by the ld.CIT(A), National Faceless Appeal Centre (NFAC), Delhi, for the assessment year 2020-2021. The issues in the appeal pertain to the deduction under section 80P of the Income Tax Act. The Assessing Officer (AO) had disallowed the claim of deduction under section 80P on an income of Rs.14,61,200/-. Subsequently, an assessment order under section 143(3) was passed wherein the AO disallowed an additional Rs.2,56,272/- representing society-related income and Rs.44,971/- representing the interest on SB deposits. The assessee argued that these disallowances were incorrect and sought relief.…

Legal Issues

• 1. Disallowance of deduction u/s.80P on an income of Rs.14,61,200/- in the intimation u/s.143(1).
• 2. Addition of Rs.2,56,272/- by the AO in the assessment order u/s.143(1).
• 3. Disallowance of deduction u/s.80P on the interest received on Rs.44,971/- from SB deposits.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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