The assessee, a co-operative society engaged in providing banking and credit facilities to its members, inadvertently claimed deduction under section 80P(2)(c) instead of section 80P(2)(a)(i) in its return of income. Although a rectification application was filed, the same was not considered, and the Commissioner (Appeals) rejected the claim by invoking section 80A(5). The Tribunal held that the Assessing Officer is duty-bound to grant a legitimate deduction even if it is claimed under an incorrect provision or omitted due to a bona fide mistake. Further, section 80A(5) has no application to a deduction claimed under section 80P by a co-operative society. Accordingly, the assessee was held entitled to deduction under section 80P(2)(a)(i). (AY. 2018-19)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 80P: Co-operative societies-Deduction under section 80P cannot be denied merely because the assessee claimed deduction under the wrong provision. [S. 80A(5), 80P(2)(a)(i), 80P(2)(c), 154] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[21],"tags":[],"class_list":["post-62898","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-gmu","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/62898","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=62898"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/62898\/revisions"}],"predecessor-version":[{"id":62899,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/62898\/revisions\/62899"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=62898"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=62898"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=62898"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}