TMI Blog2023 (2) TMI 1062X X X X Extracts X X X X X X X X Extracts X X X X ..... Cooperative Ltd [ 2015 (2) TMI 995 - KARNATAKA HIGH COURT] , Guttigedarara Credit Cooperative Society Ltd Vs Income Tax Officer [ 2015 (7) TMI 874 - KARNATAKA HIGH COURT] Considering the grounds of appeal raised by the assessee interest of justice, the case is remitted back to the AO for a fresh consideration in the light of the above three judgments and the assessee is directed to file necessary documents in support of his claim and not to seek unnecessary adjournments for early disposal of the case. Needless to say that reasonable opportunity of being heard to be given to the assessee. AO will decide the issue as per law. Appeal of the assessee is allowed for statistical purposes. - ITA No.35/Bang/2023 - - - Dated:- 23-2-2023 - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1,464/- and the taxable income was shown as Nil. The case was selected for scrutiny to verify the deduction claimed by the assessee u/s 80P(2)(a)(i) of the Act. Accordingly, the statutory notices were issued to the assessee. The assessee filed reply in response to the notices issued by the AO. The society is registered under Karnataka Co-operative Societies Act, 1959 as co-operative society. There was a total receipt for the year of s.1,47,01,005/- including interest received on investment of Rs.4,18,021/-. The AO noted that the expenses towards earning of income of Rs. 4,18,021/- cannot be ascertained, accordingly, he calculated proportionately disallowance of expenditure @ 10.86% of the income received from investment of funds in BDCC Ban ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed the issue ex-parte. The CIT(A) also decided on merits regarding addition of Rs 3,98,186/-. He also observed that before the CIT(A) assessee did not substantiate his case with any credible evidence. 4. Aggrieved from the above order, the assessee filed appeal before the Tribunal. 5. None was present on behalf of the assessee at the time of hearing, therefore, the case was heard qua the learned DR. The learned DR submitted that the CIT(A) gave many opportunities but he did not respond to any of the notices and lower authorities have rightly decided the issue in favour of the Revenue after relying on the judgment of Citizens Co-operative Society Vs. ACIT (Civil Appeal No.10245 of 2017 dated 08.08.2017). There were ample chances given ..... X X X X Extracts X X X X X X X X Extracts X X X X
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