Mallickpur Samabay Krishi Unnayan Samity Limited vs. ITO, Ward-24(2), Hooghly

Parties Involved

Facts Summary

The assessee, Mallickpur Samabay Krishi Unnayan Samity Limited, a cooperative society registered under the West Bengal Cooperative Societies Act 1983, filed its return of income for the Assessment Year 2016-17 declaring a total income of NIL. The case was selected for scrutiny, and a notice under section 143(2) of the Income Tax Act was sent to the assessee. Despite sufficient opportunity, the assessee did not appear or submit any details. Consequently, an amount of Rs. 29,07,369/- was disallowed and added back to the total income of the assessee. The assessee appealed against the order passed by the Commissioner of Income-tax (Appeals)-NFAC, Delhi, which was dismissed on the ground that the appellant failed to furnish documentary evidence/proper explanation in support of his condonation. The assessee argued that the sources of revenue were not inadvertence of the scope of the society and were duly recognized in the bylaws of the appellant. The assessee also submitted that it had an audited financial statement in which the aforesaid amount had been duly disclosed and certified by the Auditor in filing the income tax return.…

Legal Issues

• 1. Whether the appellant is entitled to a deduction under section 80P of the Act?
• 2. Whether the order passed by the Assessing Officer and confirmed by the Commissioner of Income-tax (Appeals)-NFAC, Delhi, is correct?

Judgment Outcome

Decided in favour of Assessee.

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