9911796707
TMI Blog2022 (8) TMI 1029X X X X Extracts X X X X X X X X Extracts X X X X ..... 8/2021 arising out of the order passed U/s. 144 of the Income Tax Act, 1961 ["the Act"] dated 07.12.2019 for the AY 2017-18. 2. Brief facts of the case are that the assessee is a Primary Agricultural Cooperative Credit Society which claimed deduction u/s. 80P of the Act for the AY 2017-18. However, the assessee has not filed its return of income as prescribed U/s. 139 of the Act. Accordingly, the AO disallowed the deduction claimed u/s. 80P of the Act by treating it as business income of the assessee and computed the total income of the assessee at Rs. 22,22,644/-. The order passed u/s. 144 of the Act was later rectified u/s. 154 r.w.s 144 dt 27.01.2020 by the AO to rectify the mistake while passing the order U/s. 144 of the Act. Aggrieved ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gued that the assessee is a Primary Agricultural Cooperative Credit Society Limited who claimed deduction U/s. 80P of the Act. The Ld. AR further submitted that the assessee has not filed any return of income for the AY 2017-18 u/s. 139(1) but has filed u/s. 139(4) of the Act. The Ld. AR also submitted that the return of income was manually filled and sent by speed post to CPC, Bangalore on 15/3/2022. The Ld. AR further submitted that as per section 80P(2)(a)(i) the assessee is entitled for deduction as being carrying on the business of banking or providing credit facilities to its members. The Ld. AR further submitted that section 80A(5) cannot be applied in the instant case due to the fact that it does not mention within which period the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that the assessee has not filed its return of income for the impugned assessment year but has submitted trading account, P & L Account, income and expenditure account and balance sheet as on 31/3/2017 during the assessment proceedings. Section 80A(5) of the Act is extracted below for reference: "Sec. 80A (5) Where the assessee fails to make a claim in his return of income for any deduction under section 10A or section 10AA or section 10B or section 10BA or under any provision of this Chapter under the heading "C.-Deductions in respect of certain incomes", no deduction shall be allowed to him thereunder.';" 7. As per sub-section (5) of section 80A of the Act it is imperative to the assessee to make a claim in its return of income for any ..... X X X X Extracts X X X X X X X X Extracts X X X X
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