TMI Blog2023 (10) TMI 1365X X X X Extracts X X X X X X X X Extracts X X X X ..... ion 80P (4) denies deduction to cooperative banks only. Now this view is upheld by the honourable supreme court in case of Kerala State Co-Operative Agricultural Rural Development Bank Ltd [2 2023 (9) TMI 761 - SUPREME COURT] In view of this, we direct the ld AO to allow deduction to assessee cooperative housing society deduction on interest income. We reverse the order of the ld CIT (A) and allow solitary issue in appeal. - Shri Prashant Maharishi, AM And Shri Narender Kumar Choudhry, JM For the Assessee : Shri Siddhant Khopkar, AR. For the Revenue : Shri Adhok Kumar Ambastha, DR. ORDER PER PRASHANT MAHARISHI, AM: 01. This appeal is filed by the Navrang Basant Co-operative Housing Society Limited (the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 234B may be deleted/ reduced; 4.3 Personal hearing may be granted; 4.4 Any other relief your honours may deem fit. 5) The above grounds of appeal are without prejudice to each other and the Appellant craves leave to add, alter, amend or delete any of the above grounds of appeal. 02. The brief fact of the case shows that assessee is a cooperative housing society. It filed its return of income for A.Y. 2017-18 on 28th August, 2017, declaring total income at nil, wherein it claimed deduction under Section 80P of ₹ 1,589,385/ . This return of income was picked up for scrutiny. During the course of assessment proceedings the learned Assessing Officer noted that assessee has received interest of ₹ 1,589,385/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee is in appeal before us. 04. The appeal of the assessee is filed late. The order of the CIT (A) was passed on 30th November, 2022 whereas the appeal was filed on 21st April, 2023, late by 82 days. The assessee has filed an application for condemnation of delay which is supported by the affidavit wherein it has been stated that assessee did not receive a copy of the order either by post or by email and therefore, he was not aware of the order passed by the National Faceless Appeal Centre. The assessee came to know only on 11 March 2023 regarding outstanding demand wherein the order passed by the appellate authority came into the knowledge of the assessee. As soon as that order was put to the knowledge of the assessee, it was forwa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ollowing the decision of the honorable Supreme Court in case of Collector of Land Acquisition V. MST Khatiji Others 167 ITR 471, wherein it has been held that in condonation of delay prayer, pedantic approach should not be adopted and the appeal should be decided on the merits of the case. Accordingly, we condone the delay. 07. At the time of hearing the assessee made an application for adjournment of hearing stating that Council of the assessee is not available and therefore the matter may be adjourned. Looking to the facts of the case, we reject the application for the adjournment. 08. On hearing the parties we find that assessee is a cooperative society more precisely a housing society and not a cooperative bank therefore the pro ..... X X X X Extracts X X X X X X X X Extracts X X X X
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