TMI Blog2023 (2) TMI 159X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee has been certified signed by a Chartered Account Shri. S. G. Kulkarni but not Tax Audit Report. As found substance on the submission of the learned DR. and relying on the judgment of Hon ble Supreme Court of India Wipro Ltd [ 2022 (7) TMI 560 - SUPREME COURT] cited by the learned DR, the assessee cannot make fresh claim in the revised return which was not claimed in the original return of income, only the omission or wrong statement may be revised as stated in section 139(5) The omission or wrong statement has not been defined in the Income Tax Act. The assessee was well aware about the business carried on by it and is also aware about the filing of return of income and he has made provision for income tax in its books for preceding assessment years. The assessee will not get the benefit of extended due date for filling return of income as notified by the Ministry of Finance, thus observed that it was applicable to those assessees whose books of accounts are required to be audited and filed Tax Audit Report in the specified Form but in the assessee s case he did not submit audit report as required by the relevant law for the time being in force. On perusal of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ned CIT (A) erred in upholding the interest levied. 10. For these and such other grounds that may be urged at the time of hearing the Appellant prays that the appeal may be allowed. 2. The brief facts of the case are that assessee is a Co-operative Society. The assessee filed its return of income on 08.09.2018 declaring income of Rs.13,95,420/- and paid tax of Rs.4,77,790/- without claiming deduction under section 80P(2)(a)(i) of the Act. Subsequently, return was revised on 16.11.2018 declaring gross total income of Rs.23,02,007/- and the entire income was claimed as deduction under section 80P of the Act and refund was claimed of Rs.4,77,790/-. In the revised return, there was income from business and profession declared at Rs.13,95,419/- and the assessee suo-motu made disallowance under section 40(a)(ii) of the Act of Rs.9,06,588/- resultantly the income was Rs.23,02,007/-. The return was processed on 07.06.2019 denying the claim of deduction of Rs.23,02,007/- by observing that return of income was filed belatedly and demand was raised of Rs.3,49,319/-. Aggrieved from the above order, the assessee filed rectification application on 27.11.2021. The AO passed order under sectio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 19 on or before the due date specified under sub-section (1) of section 139. Hence, the deduction u/s 80P cannot be allowed to the appellant. For the above stated reasons and respectfully following the above stated decision of the Hon'ble High Court of Madras, the disallowance of deduction claimed u/s 80P is upheld. 4. Aggrieved from the above order, the assessee filed appeal before the Tribunal. The learned AR submitted that the CIT(A) is not justified for accepting the claim of deduction under section 80P(2)(a)(i) of the Act since the assessee s books of accounts were required to be audited under Karnataka State Co-operative Societies Act under section 63. The return was originally filed on 08.09.2018 which was and within the specified time limit because the books of accounts were audited under the Co-operative Societies Act. Therefore, the provision of section 139(1) explanation (ii) supports the case of the assessee and due date for filing the return of income is to be considered on 31.10.2018 (extended due date) as notified by the CBDT. The assessee duly revised the return of income within the time allowed and claimed the deduction. she also submitted that there w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r section 80P of the Act which was not made in the original return of income. Therefore, from the judgment of Hon ble Supreme Court of India in the case of PCIT Vs. Wipro Ltd., in Civil Appeal No.1449/2022 [arising out of SLP (Civil No.7620/2021)] the assessee cannot make fresh claim of deduction in the revised return of income. The revised return of income substitutes the original return of income, for making claim of deduction should be taken the date on which the assessee filed revised return which is beyond due date as per section 80AC of the Act. Only the omission and wrong statement can be made through the revised return as per the judgment of the Hon ble Supreme Court of India cited supra. He further submitted that before disallowing the CPC sends an information thereafter CPC makes addition/disallowance, therefore the arguments advanced by the ld. AR in this regard is baseless. 6. After hearing the rival contentions, the assessee filed original return of income on 08.09.2018 without claiming deduction and duly paid taxes later on its revised return of income on 16.11.2018 after claiming deduction on the entire profit computed as per Income Tax Act of Rs.23,02,007/- and c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tly claiming the carried forward or set-off of any loss. Filing a revised return under section 139(5) of the IT Act and taking a contrary stand and/or claiming the exemption, which was specifically not claimed earlier while filing the original return of income is not permissible. By filing the revised return of income, the assessee cannot be permitted to substitute the original return of income filed under section 139(1) of the IT Act. Therefore, claiming benefit under section 10B (8) and furnishing the declaration as required under section 10B(8) in the revised return of income which was much after the due date of filing the original return of income under section 139(1) of the IT Act, cannot mean that the assessee has complied with the condition of furnishing the declaration before the due date of filing the original return of income under section 139(1) of the Act. As observed hereinabove, for claiming the benefit under section 10B (8), both the conditions of furnishing the declaration and to file the same before the due date of filing the original return of income are mandatory in nature. The above judgment is not directly for claiming deduction u/s 80P but in this case the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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