PARISAR ABHIYANTRIKI NOKRANCHI SAHAKARI PATSANSTHA MARYADIT, NASHIK,NASHIK vs. DEPUTY COMMISSIONER OF INCOME TAX, CPC BANGALURU, BANGALURU

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ITA 572/PUN/2023Status: DisposedITAT Pune02 June 2023AY 2019-204 pages

In favour of the assessee: the assessee's appeal was allowed. From the AI summary of this appeal.

AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that for assessment years prior to the amendment by the Finance Act, 2021, the denial of deduction under Section 80P for a belatedly filed return processed under Section 143(1) was not justified. Following precedent, the Tribunal directed the CPC to allow the deduction.

What were the facts?

The assessee, a credit cooperative society, filed its return of income claiming deduction under Section 80P. The return was processed under Section 143(1) by CPC, Bengaluru, which denied the deduction because the return was filed belatedly, after the due date specified under Section 139(1). The National Faceless Appeal Centre (NFAC) confirmed this denial.

What were the issues?

Whether a credit cooperative society is eligible for deduction under Section 80P when its return of income is filed belatedly, and the processing is done under Section 143(1) for an assessment year prior to the amendment of Section 143(1)(a)(v).

Which sections of the Income-tax Act were involved?

Section 80P,Section 139(1),Section 143(1)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, PUNE BENCH “SMC”, PUNE

Before: SHRI INTURI RAMA RAO

For Appellant: Shri Pramod Shingte
For Respondent: Shri Ganesh Rath
Hearing: 01.06.2023Pronounced: 02.06.2023

ORDER

PER INTURI RAMA RAO, AM:

1.

This is an appeal filed by the assessee directed against the order of the National Faceless Appeal Centre, Delhi [‘NFAC’] dated 09.02.2023 for the assessment year 2019-20.

2.

Briefly, the facts of the case are that the appellant is a credit cooperative society duly incorporated under the Maharashtra Co- operative Societies Act, 1960. The Return of Income for the assessment year 2019-20 was filed on 30.11.2020 showing Rs.Nil income after claiming deduction u/s 80P(2)(a)(i) of the Income Tax Act, 1961 (‘the Act’). The said return of income was processed by the CPC, Bengaluru u/s 143(1) vide intimation dated 29.01.2021, wherein, the exemption u/s 80P was denied on the ground that the return of income was not filed within due date prescribed u/s 139(1) of the Act.

3.

Being aggrieved by the above intimation, an appeal was filed before the NFAC, who vide impugned order confirmed the action of the CPC, Bengaluru. 4. Being aggrieved, the appellant is in appeal before this Tribunal in the present appeal. 5. I heard the rival submissions and perused the material on record. Admittedly, in the present appeal, the return of income was filed belatedly. The issue in the present appeal is no longer res integra as settled by the Co-ordinate Bench of this Tribunal in the

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