Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2016 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (12) TMI 346 - AT - Income TaxEligibility of deduction under section 80P(2)(a)(i) - CIT(A) holding that the status of the assessee is Cooperative Society and directing the Assessing Officer to allow deduction - Held that:- For the assessment years under consideration, by following the decision of the Tribunal for the assessment years 2008-09 and 2010-11 ld. CIT(A) has directed the Assessing Officer to allow the deduction under section 80P(2)(a)(i) of the Act. The ld. DR could not controvert the above findings of the Tribunal or filed any higher Court decision having modified or reversed the findings of the Tribunal. Respectfully following the above decision of the Coordinate Bench of the Tribunal, we find no reason to interfere with the orders of the ld. CIT(A) on this issue and thus, the ground raised by the Revenue is dismissed for both the assessment years. Floating provision for NPA, loss on redemption of securities and bad debts written off claim - Held that:- On perusal of the assessment order, we find that even though the assessee has not made claim of deduction in the return of income, the Department has taken the benefit of assessee’s ignorance and rejected the claim made during the course of assessment proceedings. If the assessee is legally entitled to claim a deduction, in view of the directions given by the CBDT vide its Circular No. 14 [XL-35] of 1955 date 11.04.1955, the Assessing Officer should have considered the genuineness of the claim and granted relief to the assessee which he is legally entitled to. However, in this case, during the course of assessment proceedings, the assessee has made the claims, which was not originally claimed in the return of income, but, the Assessing Officer has rejected the claim of the assessee since the assessee has not made such claim in the return of income. Under these circumstances, we direct the Assessing Officer to consider the claims of the assessee after verifying the record with regard to its admissibility, genuineness and decide the issues in accordance with law after allowing sufficient opportunities of hearing to the assessee. Accordingly, the ground raised by the assessee is allowed for statistical purposes.
|