Case Law Details
Space Employees Cooperative Housing Society Ltd. Vs ITO (ITAT Bangalore)
The case of Space Employees Cooperative Housing Society Ltd. vs. ITO before the Income Tax Appellate Tribunal (ITAT) Bangalore revolves around the condonation of delay and the consideration of Section 80P(2)(d) claims for ISRO Employees Society.
The appeals were filed belatedly before the Tribunal, with delays of 109 days for A.Ys. 2015-16 & 2017-18 and 99 days for A.Y. 2018-19. However, the Tribunal deemed it appropriate to condone the delay due to valid reasons stated in affidavits, including the busy schedules of ISRO officials serving the nation.
Regarding the merits of the case, the Tribunal noted that the NFAC did not consider relevant decisions of the Supreme Court, such as Mavilayi Service Co-operative Bank Ltd. v. CIT and Kerala State Co-operative Agricultural and Rural Development Bank Ltd. v. The Assessing Officer, Trivandrum & Ors. Therefore, the Tribunal directed the NFAC to reconsider the claims of ISRO Employees Society in light of these decisions, emphasizing the applicability of Section 80P(2)(d) deductions.
In conclusion, the ITAT Bangalore partly allowed the appeals for ISRO Employees Society, primarily focusing on the condonation of delay and the directive to reevaluate Section 80P(2)(d) claims. This decision underscores the importance of considering valid reasons for delay and staying updated with relevant legal precedents in tax matters.
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