Villupuram District Village Administrative Officer Co-operative Thrift and Credit Society Limited vs. ITO

Parties Involved

Facts Summary

The appeal arises from the order of the Additional Commissioner of Income Tax (Appeals)-12, Mumbai, dated 20-11-2023, which denied the deduction under Section 80P of the Income Tax Act due to the late filing of the income return. The assessee, Villupuram District Village Administrative Officer Co-operative Thrift and Credit Society Limited, appealed against this order. The Tribunal found that the relevant provisions allowing the adjustment for Section 80P under Section 143(1)(a) were amended by the Finance Act, 2021, effective from 01-04-2021. Therefore, no such adjustment could have been made for the Assessment Year 2018-19. The Tribunal directed the revenue to grant the deduction as claimed by the assessee.…

Legal Issues

• 1. Denial of deduction under Section 80P due to late filing of income return.

Judgment Outcome

Decided in favour of Partly Assessee / Partly Revenue.

Precedents Relied Upon

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