KOTHAMANGALAM HOUSING CO-OPERATIVE SOCIETY LTD,KOTHAMANGALAM vs. ITO, WARD 1 & TPS, THODUPUZHU
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.
Held
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.
Key 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.
Sections Cited
139, 143, 80P
AI-generated summary — verify with the full judgment below
Income Tax Appellate Tribunal, COCHIN BENCH
Before: SHRI INTURI RAMA RAO, AM
IN THE INCOME TAX APPELLATE TRIBUNAL COCHIN BENCH
BEFORE SHRI INTURI RAMA RAO, AM ITA No. 12/Coch/2025 Assessment Year: 2021-22 Kothamangalam Housing Co-op. Society Ltd. .......... Appellant Cheriyapally, Kothamangalam P.O. Ernakulam 686691 [PAN: AADAK5376P] vs. The Income Tax Officer .......... Respondent Ward - 1 & TPS, Thodupuzha
Appellant by: Smt. Pooja V.M., Advocate Respondent by: Smt. Leena Lal, Sr. D.R.
Date of Hearing: 11.02.2025 Date of Pronouncement: 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.
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
2 ITA No. 12/Coch/2025 Kothamangalam Housing Co-op. Society Ltd. deduction u/s. 80P of the Act for the reason that the return of income was not filed within due date.
The appellant filed a petition before the Pr. Commissioner of Income Tax (PCIT) seeking condonation of delay in filing the return of income.
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.
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.
Sd/- (INTURI RAMA RAO) ACCOUNTANT MEMBER Cochin, Dated: 24th February, 2025 n.p. Copy to:
The Appellant 2. The Respondent 3. The Pr. CIT concerned 4. The Sr. DR, ITAT, Cochin 5. Guard File Assistant Registrar ITAT, Cochin
