KOTHAMANGALAM HOUSING CO-OPERATIVE SOCIETY LTD,KOTHAMANGALAM vs. ITO, WARD 1 & TPS, THODUPUZHU

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ITA 12/COCH/2025Status: DisposedITAT Cochin24 February 2025AY 2021-22Bench: SHRI INTURI RAMA RAO (Accountant Member)2 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal noted that the assessee had already filed a condonation of delay petition before the Pr. Commissioner of Income Tax (PCIT). Consequently, the matter was restored to the CPC for fresh assessment, contingent upon the outcome of the PCIT's decision regarding the condonation of delay. The appeal was allowed for statistical purposes.

What were the facts?

The appellant, a housing co-operative society, filed its return of income under Section 139(8A) for AY 2021-22. The CPC processed the return under Section 143(1) and disallowed a deduction of Rs. 47,82,510/- claimed under Section 80P, stating that the return was filed beyond the due date. The assessee subsequently filed a petition before the PCIT for condonation of this delay.

What were the issues?

Whether the deduction under Section 80P can be disallowed if the return of income is filed beyond the due date, and the implications of a pending condonation of delay petition.

Which sections of the Income-tax Act were involved?

Section 139,Section 143,Section 80P

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, COCHIN BENCH

Before: SHRI INTURI RAMA RAO, AM

For Appellant: Smt. Pooja V.M., Advocate
For Respondent: Smt. Leena Lal, Sr. D.R
Hearing: 11.02.2025Pronounced: 24.02.2025

O R D E R This appeal filed by the assessee is directed against the order of the National Faceless Appeal Centre (NFAC), Delhi [CIT(A)] dated 06.11.2024 for Assessment Year (AY) 2021-22.

2.

Brief facts of the case are that the appellant is a housing co- operative society. The return of income u/s. 139(8A) of the Income Tax Act, 1961 (the Act) for AY 2021-22 was filed on 31.03.2023 declaring total income at Rs.57,400/-. The said return of income was processed u/s. 143(1) of the Act by the CPC, Bengaluru at Rs. 48,38,910/-. While doing so, the CPC made a disallowance of Rs. 47,82,510/- on account of

3.

The appellant filed a petition before the Pr. Commissioner of Income Tax (PCIT) seeking condonation of delay in filing the return of income.

4.

Since the assessee had moved petition for condonation of delay before the PCIT, the matter is restored to the file of the CPC to make fresh assessment depending upon the outcome of the condonation petition filed by the appellant before the PCIT.

5.

In the result, the appeal filed by the assessee is allowed for statistical purposes.

Order pronounced in the open court on 24th February, 2025. 6.

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