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Facts
The assessee, a co-operative society, claimed a deduction of Rs. 2,41,179/- under section 80P of the Act. The assessee filed its Income Tax Return on 17.12.2021, which was beyond the original due date but within the extended due date of 15.03.2022. The AO disallowed the deduction, and the CIT(A) confirmed the AO's order.
Held
The Tribunal held that the assessee filed the return of income well within the extended period of limitation. Therefore, the AO, CPC was directed to allow the deduction under section 80P(2)(d) as claimed by the assessee.
Key Issues
Whether the deduction under section 80P is allowable when the return of income is filed beyond the original due date but within the extended due date.
Sections Cited
80P, 139, 143(1), 80AC, 80P(2)(d)
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Income Tax Appellate Tribunal, ‘A’ BENCH, CHENNAI
Before: HON’BLE SHRI MANU KUMAR GIRI & HON’BLE SHRI JAGADISH
(िनधा�रणवष� / Assessment Year: 2021-2022) ED1744 Rayapalayam Milk Vs. The Income Tax Officer, Producers Cooperative Society Ltd, Ward 2(1) Rayapalayam, Erode Nadiyanur Post, Erode 638 107. [PAN: AAAAE 6841Q] (अपीलाथ�/Appellant) (��यथ�/Respondent) अपीलाथ� क� ओर से/ Appellant by : Shri S. Bhupendran, Adv (Virtual) ��यथ� क� ओर से /Respondent by : Shri. P. Vijaideepan, JCIT सुनवाई क� तार�ख/Date of Hearing : 13.02.2025 घोषणा क� तार�ख /Date of Pronouncement : 14.03.2025 आदेश / O R D E R MANU KUMAR GIRI (Judicial Member)
The captioned appeal filed by the assessee is directed against the order of the Ld. Commissioner of Income Tax (Appeals) Addl/JCIT(A)-1 Noida [CIT(A)] dated 14.10.2024 for Assessment Year 2021-2022.
Brief facts are as under: The assessee is a co-operative society and had claimed the deduction of Rs. 2,41,179/- under section 80P of the Act. The appellant had filed its Return of Income (ITR) u/s 139 of the Act on 17.12.2021 which was beyond the last date for filing the ITR for the relevant A.Y. as per the Explanation 2 of sub-section (1) of section 139 of the Act. An intimation order u/s 143(1) of the Act was passed on 19.10.2022, wherein the deduction claimed by the appellant was disallowed by the AO, CPC. Since the appellant has filed its ITR beyond the 'due date' for filing the ITR, it is clear that the appellant has failed to satisfy the conditions of section 80AC of the Act which is necessary to claim the deductions u/s 80P of the Act. The assessee challenged the order of the AO before the ld. CIT(A) who confirmed the order of AO. Aggrieved assessee is in appeal before us.
The ld. counsel for the assessee submitted that the Income Tax Return was filed on 17.12.2021, which was within the extended time limit u/s 139(1). The extended time limit was 15.03.2022.
Per contra, the ld. DR, did not controvert the assertions of the assessee.
We have heard the both parties and perused the orders of the lower authorities. We find that the last date for filing the return of Income was extended to 15.03.2022. However, the assessee filed the return of Income on 17.12.2022 well within the extended period of limitation as per CBDT. Therefore, AO, CPC is directed to allow the deduction u/s 80P(2)(d) as claimed by the assessee.
In result, the appeal of the assessee is allowed for statistical purposes.