ITA No.1498/Chny/2024 (AY 2020-21)

Parties Involved

Facts Summary

The assessee, JJ105 Perambakkam Primary Agricultural Co-op. Credit Society, filed its return of income for the Assessment Year 2020-21 on 20.04.2021, declaring a gross total income of ₹40,71,382/-. The assessee claimed a deduction under section 80P of the Income Tax Act, 1961, resulting in a total income of Rs.NIL. The Assessing Officer (AO) acknowledged the assessee's status as a Primary Agricultural Co-op. Credit Society and selected the return for limited scrutiny. However, the AO denied the deduction under section 80P, as the return was filed belatedly, and determined the total income at ₹40,71,382/-. The assessee appealed to the Commissioner of Income Tax (Appeals)/NFAC, Delhi, which was dismissed. The assessee then appealed to the Income Tax Appellate Tribunal (ITAT), Chennai.…

Legal Issues

• 1. Whether the assessee is entitled to a deduction under section 80P of the Income Tax Act, 1961, for the Assessment Year 2020-21?
• 2. Whether the delay in filing the return of income can be condoned under the CBDT Circular No.13/2023?

Judgment Outcome

Decided in favour of Assessee.

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