Kalbhairavnath Gramin Bigarsheti Sahakari Pat Sanstha Maryadit Vs. ITO, Ward 14(5), Pune

Parties Involved

Facts Summary

The assessee, Kalbhairavnath Gramin Bigarsheti Sahakari Pat Sanstha Maryadit, filed an appeal against the order of the Commissioner of Income Tax (Appeals) / National Faceless Appeal Centre (CIT(A) / NFAC) relating to the assessment year 2017-18. The assessee challenged the order of the CIT(A) / NFAC in upholding the order of the Assessing Officer passed under section 143(3) read with section 263 of the Income Tax Act, 1961, wherein the Assessing Officer denied the claim of deduction of Rs.58,97,863/- under section 80P(2) of the Act. The assessee argued that the Tribunal had already quashed the section 263 proceeding in a similar case (ITA No.248/PUN/2023), making the order passed by the Assessing Officer infructuous.…

Legal Issues

• 1. Whether the order of the Assessing Officer denying the deduction claim under section 80P(2) of the Act is valid?

Judgment Outcome

Decided in favour of Assessee.

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