The Kottarakara Taluk Housing Cooperative Society Limited vs. The Income Tax Officer, Ward-2, Kollam

Parties Involved

Facts Summary

The assessee, The Kottarakara Taluk Housing Cooperative Society Limited, filed an appeal against the order of the Commissioner of Income Tax (Appeals) - National Faceless Appeal Centre (NFAC) Delhi, dated 15.02.2023, for the assessment year 2018-2019. The appeal was heard on 20.08.2024 and the order was pronounced on 25.09.2024. The assessee sought to reverse the disallowance of its section 80P deduction by the lower authorities. The Tribunal found that the lower authorities could not have invoked section 143(1)(a)(v) retrospectively as the amendment in the Finance Act, 2021, enabling such provision, came into effect on 01.04.2021. The appeal was allowed in terms of the assessee's sole substantive ground.…

Legal Issues

• 1. Disallowance of section 80P deduction by the lower authorities

Judgment Outcome

Decided in favour of Assessee.

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