Panisheola Samabay Krishi Unnayan Samity Limited vs Deputy Commissioner of Income Tax

Parties Involved

Facts Summary

The assessee, Panisheola Samabay Krishi Unnayan Samity Limited, is an agricultural cooperative society located in Hooghly District, West Bengal. For the Assessment Year (AY) 2019-20, the return of income was filed on 11th November 2020 under section 139(4) of the Income Tax Act, 1961, declaring a total income of Rs 4,55,200/- after claiming a deduction under section 80P of the Act at Rs. 33,17,814/-. The Assessing Officer (AO) disallowed the claim of deduction as the return of income was filed belatedly after the due date. The assessee filed an appeal against the order of the Additional Commissioner of Income Tax (Appeals) which was dismissed. The assessee then appealed to the ITAT, challenging the disallowance of the deduction under section 80P.…

Legal Issues

• 1. Whether the Ld. Commissioner of Income Tax (Appeals) erred in confirming the action of CPC Bengaluru by holding that the claim made by the Appellant was 'Incorrect claim as per Sec. 143(1) of the Income Tax Act, 1961.
• 2. Whether the Ld. Commissioner of Income Tax (Appeals) erred in disallowing the claim of deduction of Rs 33,17,814/- by failing to appreciate that provisions of section 143(1)(a)(v) of the Income Tax Act, 1961 do not provide for denial of deduction under section 80P of the Act when the return of income is not filed within time allowed under section 139(1) read with section 139(4) of the Income Tax Act, 1961.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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