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Facts
Vallachira Service Co-operative Bank Limited, a primary agricultural credit society, filed its return for AY 2023-24 belatedly. Consequently, a deduction claimed under Section 80P was denied in the intimation u/s 143(1), which was later confirmed by the CIT(A). The assessee appealed to the ITAT.
Held
The Tribunal allowed the appeal for statistical purposes, remanding the matter back to the Assessing Officer. The AO is directed to re-examine the claim for deduction u/s 80P if the assessee's pending delay condonation application for filing the belated return is accepted.
Key Issues
Whether the CIT(A) was justified in confirming the disallowance of deduction u/s 80P due to belated return filing, especially when an application for condonation of delay is pending adjudication.
Sections Cited
250, 80P, 139(1), 143(1)
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Income Tax Appellate Tribunal, COCHIN BENCH, COCHIN
Before: Shri George George K, Vice- & Shri Inturi Rama Rao
O R D E R
Per George George K, Vice-President :
This appeal at the instance of the assessee is directed against the Additional / Joint Commissioner of Income-tax (Appeals)’s order dated 27.09.2024 passed u/s.250 of the Income-tax Act, 1961 (“the Act”). The relevant assessment year is 2023-2024.
The solitary issue argued by the learned AR is whether the CIT(A) is justified in confirming the disallowance of claim of deduction u/s.80P of the Act.
Brief facts of the case are as follows:
. Vallachira SC.B Limited. The assessee is a primary agricultural credit society. For the assessment year 2023-2024, the due date for filing the return of income was on or before 30.11.2023 u/s.139(1) of the Act. However, the return of income was filed by the assessee belatedly on 30.12.2023. Consequently, intimation was issued u/s.143(1) of the Act, wherein the claim of deduction u/s.80P of the Act was denied.
Aggrieved by the intimation, the assessee filed an appeal before the first appellate authority. The CIT(A) confirmed the adjustment made in the intimation issued u/s.143(1) of the Act and dismissed the appeal of the assessee.
Aggrieved by the CIT(A)’s order, the assessee has filed the present appeal before the Tribunal. The learned AR submitted that the assessee-society had filed a petition for condoning the delay in filing the return for assessment year 2023-2024 and the same is pending adjudication. It was prayed by the learned AR that the matter may be restored to the AO to await the outcome of the delay condonation application filed by the assessee-society and in the event the delay has been condoned for filing the return of income, the AO may be directed to reconsider the claim of deduction u/s.80P of the Act afresh.
The learned Departmental Representative supported the order of the CIT(A).
We have heard rival submissions and perused the material available on record. The solitary issue for denying the benefit of deduction u/s.80P of the Act was that the assessee- . Vallachira SC.B Limited. society did not file the return of income within the due date prescribed u/s.139(1) of the Act. The learned AR had submitted that the assessee-society had filed delay condonation application for condoning the delay in filing the return of income and the same is pending adjudication. In view of the submission of the learned AR, we restore the matter to the file of the AO. In the event, the assessee’s petition for condonation of delay for filing the return of income has been condoned, the A.O. shall re-examine the claim of deduction u/s.80P of the Act in accordance with law. It is ordered accordingly.
In the result, the appeal filed by the assessee is allowed for statistical purposes.
Order pronounced on this 9th day of April, 2025.