Law:

Section:

Section 80P, read with section 143(1A), of the Income-tax Act, 1961 - Deductions - Income of co-operative societies - Assessment years 1997-98 and 1998-99 - Whether while return is processed under section 143(1)(a), Assessing Officer is to proceed in terms of law as existing on date of processing of return and not on law which exists on date of filing of return - Held, yes - Assessee-society filed its return of income and claimed deduction under section 80P(2)(a)(iii) - Assessing Officer processed return under section 143(1)(a) and keeping in view amendment made in section 80P(2)(a)(iii) with retrospective effect from 1-4-1968 which was existing law at time of processing of return and by which deduction was restricted only in respect of income earned for marketing of agricultural produce grown by members of assessee-society, made prima facie adjustment under section 143(1)(a) - On appeal, Tribunal held that Assessing Officer correctly made prima facie adjustment by applying law which existed on date of processing of return - Whether order of Tribunal was correct - Held, yes CASE REFERRED TO CIT v. Hindustan Electro Graphites Ltd. [2000] 243 ITR 48/ 109 Taxman 342 (SC) [Para 6]. M.L. Garg for the Appellant. JUDGMENT 1. This order will dispose of four appeals bearing Nos. 272 to 275 of 2005. The facts are being taken from ITA No. 272 of 2005. 2. This is an appeal filed by the assessee raising following substantial question of law, arising out of common order passed by the Income-tax Appellate Tribunal, Chandigarh Bench 'A', (for short 'the Tribunal') In ITA Nos. 717/Chd./2000 and 718/Chd./2000, dated 21-2-2003, for the assessment years 1997-98 and 1998-99 respectively : "Whether the Income-tax Appellate Tribunal was right in law in holding that the law on the date of passing the order under section 143(1)(a) will apply and not the law on the date of filing the return of income as held by Hon'ble Supreme Court in 243 ITR 48 ?" 3. Brief facts of the case are that the assessee filed its return of income, which was processed by the Assessing Officer under section 143(1)(a) of the Income-tax Act, 1961 (for short 'the Act') and keeping in view the legal position on the…

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