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TMI Blog2016 (8) TMI 1090X X X X Extracts X X X X X X X X Extracts X X X X ..... d of four years from the end of relevant assessment year. 2. The petitioner is a Cooperative Milk Producers' Union. For the assessment year 2009-2010, petitioner had declared nil income. The petitioner had however reported its claim of deduction under section 80P of the Income Tax Act of Rs. 1.51 crores(rounded off), which included interest received by the petitioner from cooperative banks and cooperative societies of Rs. 69.98 lacs which according to the petitioner was exempt under section 80P(2)(d) of the Act. The Assessing Officer however framed scrutiny assessment on such return by passing an order on 30.12.2011. In such order, he disallowed certain expenses and depreciation claimed by the assessee but granted the deduction under s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... disallowed. 3. In view of the above facts & circumstances, I have reason to believe that the income of Rs. 69,98,348/- has escaped the assessment within the meaning of sec.147 of the income tax act, 1961 for the assessment year 2009-10. Therefore, issue notice u/s. 148 of the act for A.Y.2009-10 to the assessee." 4. After unsuccessful attempt in persuading the Assessing Officer to drop such proceedings, the petitioner has filed this petition in support of which two grounds are raised before us namely, that Assessing Officer in the original assessment had scrutinised this claim minutely and granted the same after due verification and secondly, that even otherwise the reason on which the reopening is sought to be done lacks validity. In sup ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... duction. 7. During the original assessment, the Assessing Officer had raised multiple queries under a letter dated 25.7.2011 including the following : "9. Please furnish detailed interest account(s) for all sorts of interest paid payable and received/receivable. 18. Justify your claim of deduction of 80P(2)(c) 80P(2)(d) 80P(2)(e) of the Act with cogent and sufficient evidences" 8. In response to such queries, the assessee under letter dated 5.9.2011 had conveyed as under : "4. (Point No.9 a. Details of interest received/receivable is enclosed herewith as per Annexure-C. b. Details of interest paid/payable is enclosed herewith as per Annexure-D Deduction u/s. 80P(2)(d): Interest income of Rs. 69,98,348/- has been claimed as deduction ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and (2) Sabarkantha Dist. Coop. Milk Producer's Union Ltd. in. A.Ys. 1992-93 and 1993-94. CIT Vs. Haryana Coop, Sugar Mills Ltd. 180 ITR 631 (P&H)" 9. It was after such examination of the assessee's claim of deduction under section 80P(2)(d) of the Act that the Assessing Officer passed the order of assessment in which, as noted, he allowed the entire claim of deduction under section 80P of Rs. 1.51 crores which naturally included the said figure of Rs. 69.98 lacs under section 80P(2)(d) of the Act. During the assessment thus Assessing Officer had full materials at his command to consider the relevant question namely, whether the interest income of Rs. 69.98 lacs could be allowed deduction without adjustment against the interest expendi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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