INCOME TAX ACT, 1961

Section 80P

Deduction under section 80P - Co-operative society - Claim in return although filed late on account of reasons beyond control of assessee -

Assessee filed appeal against the order of CIT(A) in not allowing deduction under section 80P as claimed in return although filed late on account of reasons beyond the control of assessee. Held: No infirmity was found in the impugned order confirming the disallowance of deduction claimed under section 80-P falling under Chapter VIA-A perusal of the copy of the application submitted with the office of Pr. CIT shows the same to be for condonation of delay in filing the return for the current year, and received by the said office on November 9, 2022. The same was in terms of the cited Circular and, therefore, was to be disposed by Pr. CIT within the stipulated period. As the assessee's application for condonation of delay in filing its return was pending disposal as on date by the competent authority, there was no hesitation in accepting the assessee's plea for restoring the matter back to be decided in accordance with law, i.e., on merits, in case the delay in filing the return was condoned, else the assessment as made stands confirmed. Thus, it was proper to restore the matter to the file of AO for the purpose, i.e., to decide the issue of deduction under section 80P on merits in the event of condonation of the delay in the furnishing of the return.

REFERRED :

FAVOUR : Matter remanded.

A.Y. : 2018-19

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