Udagudi Primary Agri. Co-Op. Bank Limited vs. The Income Tax Officer, Ward-2, Tuticorin

Parties Involved

Facts Summary

The assessee, Udagudi Primary Agri. Co-Op. Bank Limited, filed an appeal against the order of the Commissioner of Income Tax, National Faceless Appeal Centre (NFAC), Delhi, which confirmed the disallowance of Rs. 42,64,325/- claimed under section 80P of the Income Tax Act, 1961. The assessee claimed the deduction as a co-operative society but the Assessing Officer disallowed the claim as the assessee did not respond to notices issued under section 142(1) of the Act. The Commissioner of Income Tax, Appellate Tribunal (CIT(A)) upheld the disallowance, noting that the return was filed belatedly and the assessee was not eligible for the deduction under section 80P due to section 80AC. The assessee argued that a petition for condonation of delay in filing the return was pending before the Central Board of Direct Taxes (CBDT).…

Legal Issues

• 1. Whether the disallowance of deduction under section 80P of the Income Tax Act, 1961 is justified?

Judgment Outcome

Decided in favour of Assessee.

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