INCOME TAX ACT, 1961

Section 80P

Deduction under section 80P(2)(a)(vii) - Assessee a co-operative society - PAN wrongly applied as firm instead of AoP -

The appellant, a Co-operative Society, was registered under the provisions of Tamil Nadu Co-operative Societies Act, 1983. The case of the Appellant was that the reply was given to the under section 148 notices wherein it was stated that the appellant had inadvertently applied for PAN as a 'Firm' instead of 'Association of Person'. It was submitted that the appellant was in the process of surrendering the PAN and file afresh return with the revised PAN as an 'Association of Person' would be filed and therefore could not earlier file returns of income in response to the notices. It was submitted that the Appellant was otherwise entitled to the benefit of under section 80P(2)(a)(vii) of the Income Tax Act, 1961. It was further stated that without considering the above reply, the Assessment Orders came to be passed. Held: No reasons were found to differ from findings of Single Judge. However, liberty was given to petitioner to file statutory appeals. As time limit for filing of Statutory Appeals would have already expired, assessee was directed to file statutory Appeal before Appellate Commissioner under section 246A within a period of four weeks from date of receipt of a copy of this order, along with required documents to put-forth its submissions. If such appeals were filed within such time, Appellate Commissioner shall pass necessary orders on merits and in accordance with law. All issues are left open for being canvassed before Appellate Commissioner. Writ appeals was disposed off.

REFERRED :

FAVOUR : In assessee's favour

A.Y. :

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