9911796707
TMI Blog2025 (5) TMI 332X X X X Extracts X X X X X X X X Extracts X X X X ..... usiness attributable to the business of banking or providing credit facilities to its members 2. The appellant is a cooperative society and is eligible for deduction under various clauses of section 80P(2). 3. The assessment proceedings u/s 147 is against the facts and laws. The assessment order is liable to be set aside. 4. The appellant has filed a condonation petition u/s 119(2)(b) and as per CBDT Circular No. 13/2023 before the PCCIT, Kochi for condonation of delay in filing the return of income. If the condonation is allowed, the return will be treated as a return filed within due date and section 80AC will not apply. 5. As per in-law and on facts, the assessing officer erred in invoking section 80AC to deny the deduction u/s 8 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t has not informed about the outcome of condonation petition and also return in the case is filed in response to u/s. 148 of the Act and not as per any order passed based on condition allowed u/s. 119(2)(b) of the Act. Further on merits, the ld. CIT(A)/NFAC held that the assessee is hit by section 80AC of the Act which provides that from AY 2018-19 onwards, the deductions that come under part C of Chapter - VI A can be allowed only if the assessee has furnished a return on or before the due date u/s. 139 of the Act wherein the deduction is claimed. 6. Aggrieved by the order of ld. CIT(A)/NFAC, the assessee has filed the present appeal before this Tribunal. The assessee has also filed copy of condonation approval order dated 02.01.2025. 7. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssee submitted that as per CBDT circular no. 13/2023, the assessee had filed a condonation petition before the PCCIT, Kerala who by his order dated 02.01.2025 has allowed the petition of the assessee and condonation approval order has been passed which is reproduced below for ease of reference and convenience: 9.1 On going through the above approval letter, we find that ld. PCCIT, Kerala has condoned the delay in filing the return of income for the AY 2019-20 beyond the due date specified u/s. 139(1) of the Act in exercise of the powers conferred upon him under clause (b) of subsection (2) of section 119 of the Act r.w.s. CBDT Circular No. 13/2023, dated 26.07.2023 with a direction that the assessee is not eligible for interest on refund i ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
