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TMI Blog2024 (1) TMI 554X X X X Extracts X X X X X X X X Extracts X X X X ..... hese three appeals filed are against the order dated 15- 09-2023 & 30-11-2018 passed by National Faceless Appeal Centre (NFAC), Delhi for assessment years 2014-15, 2016-17 & 2017-18. 2. The grounds of appeal are as under:- ITA No. 889/Ahd/2023 A.Y. 2014-15 "1. The Ld. CIT(A)-NFAC erred on facts and in law in confirming penalty of Rs. 5,55,622/- u/s 271(1)(c) of the Act for alleged furnishing o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cts and in law in not appreciating that the addition to the returned income is only on account of divergent interpretational view of different High Courts as to the admissibility of deduction admissible u/s 80P(2)(a)(i). 3. The Ld. CIT(A)-NFAC erred on facts and in law in not appreciating that the penalty on identical issue stand deleted by the CIT(A) for AY 2013-14 following Supreme Court in re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... : 10,84,036/- 3. Firstly we are taking up ITA No. 889/Ahd/2023 for assessment year 2014-15. The assessee is a co-operative society engaged in providing credit facilities to its members. The return of income for assessment year 2014-15 declaring total income at Rs. nil was filed by the assessee on 12-12- 2014 after claiming deduction u/s. 80P of the Act of Rs. 25,76,709/-. The assessment u/s. 143( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the assessee of the assessee. 5. Heard both the parties and perused all the relevant materials available on record. It is pertinent to note that at the time of disallowing the deduction u/s. 80P(2)(a)(i) of the Act was decided by various courts in two different views across the country. The Jurisdictional High Court also given a finding which was against the assessee but the same was pending be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e is debatable issue at that juncture. Thus, ITA No. 890/Ahd/2023 for assessment year 2016-17 is allowed. 7. As regards ITA No. 891/Ahd/2023 for assessment year 2017-18, the Assessing Officer has levied penalty u/s. 270A for under reporting of income due to mis-reporting of income. Herein also, the assessee has claimed deduction u/s. 80P(2)(a)(i) and the same deduction was claimed by the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X
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