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| The Tax Publishers2021 TaxPub(DT) 5235 (Ker-HC) : (2021) 437 ITR 0195 INCOME TAX ACT, 1961
Section 80P(2)
Society registered under Kerala Co-operative Societies Act was entitled to claim deduction under section 80P(2). However, in the instant case, department was insisting on presentation of abstract on the numbers details, money lent to members/non-members, etc. Assessee produced the books maintained and department could have passed an order from the accounts already produced in this behalf. But, AO chose to ignore books produced by assessee. Therefore, issue was remitted back to AO for examination of books of account and verification of the return filed by assessee for the subject year.
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Deduction under section 80P(2) - Co-operative society - Assessee failed to produce books of account and details of income earned from non-members -
Assessee claimed deduction under section 80P(2). AO disallowed assessee's claim on the ground that assessee failed to produce books of account and details of income earned from non-members. Held: Society registered under Kerala Co-operative Societies Act was entitled to claim deduction under section 80P(2). However, in the instant case, department was insisting on presentation of abstract on the numbers details, money lent to members/non-members, etc. Assessee produced the books maintained and department could have passed an order from the accounts already produced in this behalf. But, AO chose to ignore books produced by assessee. Therefore, issue was remitted back to AO for examination of books of account and verification of the return filed by assessee for the subject year.
Relied:CIT (Pr.) v. Mavilayi Service Co-operative Bank Ltd. (2019) 414 ITR 67 (Ker-HC) : 2019 TaxPub(DT) 4909 (Ker-HC).
REFERRED :
FAVOUR : Matter remanded.
A.Y. : 2013-14 & 2012-13
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