Case Law Details
Viswabharati Mutually Aided Co-operative Credit Society Limited Vs ITO (ITAT Hyderabad)
ITAT Hyderabad held that there is delay of 3047 days in filing of an appeal and reasons stated for condonation are not proper and casual in nature and accordingly doesn’t come under reasonable cause. Hence, appeal dismissed as barred by limitation.
Facts- The assessee is a Mutually Aided Co-operative Society Limited engaged in providing credit facilities and accepting deposits from members only and it was registered as a Mutually Aided Co-operative Society under the Andhra Pradesh Mutually Aided Cooperative Societies Act, 1995. For A.Y. 2010-11, the assessee society filed a return of income declaring a loss of Rs.8,32,315/- on 24/09/2011 and a Revised return declaring a loss of Rs. 9,85,110/- on the same date, and the carry forward loss was Rs. 90,800/- (Unabsorbed Depreciation).
Initially, assessee Society was allotted a PAN No. AAGFV4998Q with the status “Partnership Firm”, later it came to know that as it is a Mutually Aided Co-operative Society, it requires to take Income Tax Number as an “Association of Persons”. Accordingly, a fresh application was made and PAN No. AAEAT8748F was allotted. As per the statements of facts, assessee filed return of income for A.Y. 2017-18 seeking set off carry forward losses for earlier years. However, the same was denied by the CPC vide order dt.05.12.2018. Thereafter, for A.Y. 2017-18, assessee filed rectification application on 12.01.2019 seeking the same relief of set off of carry forward losses of the earlier years from A.Ys. 2010-11, 2011-12 and 2013-14 to 2015-16, the same was also denied by the CPC.
Thereafter, the assessee had filed appeal before the ld.CIT(A) after a delay of 3047 days on 29.07.2019. As the appeal of the assessee was time barred for a period of 3047 days, the ld.CIT(A) / NFAC dismissed the appeal.
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