Shanti Prime Publication Pvt. Ltd.
Sec. 80P(2)(a)(i) of Income Tax Act, 1961— Deduction— The assessee preferred stay applications seeking to stay the recovery of outstanding tax arrears. The relevant assessment years were 2010-2011 and 2014-2015. The assessee was a co-operative society registered under the Kerala Co-operative Societies Act, 1969. For the assessment years 2010-2011 and 2014-2015, 'Nil’ returns were filed after claiming deduction u/s 80P of the I.T.Act. The assessment orders were passed for assessment years 2010- 2011 and 2014-2015, wherein the Assessing Officer disallowed part of claim of deduction u/s 80P of the I.T.Act. The A.O. allowed deduction u/s 80P of the I.T.Act only proportionately to the extent of agricultural loan disbursed by the assessee and disallowed a portion of the claim of deduction u/s 80P(2)(a)(i) of the act in respect of disbursement of non-agricultural loan. the appeals filed by the assessee were rejected by the CIT(A) for assessment years 2010-2011 and 2014-2015.
Aggrieved by the orders passed by the CIT(A), the assessee has preferred these appeals before the Tribunal. Tribunal were of the view that there should be fresh examination by the Assessing Officer as regards the nature of each loan disbursement and purpose for which it has been disbursed, i.e., whether it for agricultural purpose or not. Tribunal have disposed of the appeals, the stay applications filed by the assessee were dismissed as infructuous. The appeals filed by the assessee were allowed for statistical purposes and the stay applications were dismissed. --- POOMANGALAM SERVICE CO-OPERATIVE BANK LIMITED vs. ITO. 23 ITCD Online 48 (COCHIN)