M/s.F.T. 101 Villupuram District Non Agricultural Cooperative Societies Employees Coop Thrift & Credit Society Ltd. vs. The Income Tax Officer, Villupuram

Parties Involved

Facts Summary

The assessee is a co-operative credit society registered under the Tamil Nadu Co-operative Societies Act, 1983. For the assessment year 2019-20, the assessee filed its return of income on 30.09.2020 as a belated return under section 139(4) of the Income Tax Act, 1961, and claimed a deduction of Rs.17,04,920/- under section 80P(2)(a)(i) of the Act. The return of income was processed under section 143(1) of the Act by the CPC, Bengaluru, wherein the claim of deduction under section 80P of the Act was disallowed on the ground that the return of income was not filed within the due date prescribed under section 139(1) of the Act. The assessee filed an appeal before the First Appellate Authority (FAA), which confirmed the order of the Assessing Officer. The assessee then filed the present appeal before the Tribunal.…

Legal Issues

• 1. Whether the delay in filing the appeal can be condoned?
• 2. Whether the claim of deduction under section 80P of the Act can be considered?

Judgment Outcome

Decided in favour of Assessee.

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