PUNJAB STATE COOPERATIVE FEDERATION OF HOUSE BUILDING SOCIETIES LTD , CHANDIGARH Vs. COMMISSIONER OF INCOME TAX-II, CHANDIGARH AND ANOTHER

JUDGEMENT

(1.) This appeal has been filed by the assessee under Section 260A of the Income Tax Act, 1961 (in short "the Act") against the order dated 28.4.2015 (Annexure A-3) passed by the Income Tax Appellate Tribunal, Chandigarh Bench "B", Chandigarh (hereinafter referred to as "the Tribunal") in ITA Nos. 847/Chd/2013 and 810/Chd/2013 for the assessment year 2010-11, claiming the following substantial questions of law:-

(2.) Put shortly, the facts necessary for adjudication of the present appeal as narrated therein are that the assessee filed its return of income for the assessment year 2010-11 on 14.10.2010 declaring the income at 'nil' after claiming deduction of Rs. 22,16,98,658/- under Section 80P of the Act. Along with the return, the assessee filed a computation chart (Annexure A-4) of its income. The Assessing Officer vide order dated 28.2.2013 (Annexure A-1) framed the assessment at Rs. 37,73,963/- (rounded off Rs. 37,73,960/-) as net taxable income by levying income tax on the said income and disallowed various claims under Section 80P(2) (a)(i) of the Act. Feeling aggrieved, the assessee filed an appeal before the Commissioner of Income Tax (Appeals) [for brevity "the CIT(A)"].

(3.) We have heard learned counsel for the appellant-assessee.