Shree Revanasiddeshwara Pattina Sahakari Sangh Niyamit Rampur vs. The Income Tax Officer

Parties Involved

Facts Summary

The assessee, Shree Revanasiddeshwara Pattina Sahakari Sangh Niyamit Rampur, filed its return of income on 23/11/2020, after the extended due date of 31/10/2019, claiming a deduction under section 80P(2)(a)(i) of the Act amounting to Rs. 14,71,631/-. The CPC denied the deduction in the intimation under section 143(1) dated 08/02/2021, stating that the assessee had not claimed the deduction under the appropriate schedule. The assessee appealed to the learned CIT(A), who observed that the assessee had claimed the deduction under an incorrect schedule (BP-5(c)) but noted that the return was filed beyond the due date, thus denying the deduction under section 80P due to the restriction under section 80AC of the Act. The CIT(A) suggested that the assessee could seek condonation for the delayed filing under section 119(2)(b) of the Act.…

Legal Issues

• 1. Whether the learned CIT(A) erred in denying the benefit of deduction under section 80P(2)(a)(i) of the Act due to the delay in filing the return of income.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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