TWINSTAR JUPITER COOP HOUSING SOCIETY LTD,MUMBAI vs. ITO WARD 30(1)(1), MUMBAI

The assessee has filed its return of income on 18/09/2019 and due date for filing of return of income

2 Twinstar Jupiter Coop Housing Society Ltd u/s.139(1) in the case of audited accounts was on 30/09/2019. The assessee being a co-operative housing society, its accounts has to be necessarily audited u/s. 81 of Maharashtra Co-operative Housing Societies Act, 1960. Thus, return of income filed by the assessee was within due date as the due date of return of income was on or before 30/09/2019, which was the due date u/s.139(1). The CPC has made the adjustment disallowing the claim u/s.80P on the ground that return has been filed beyond the due date. Prior to the amendment made by the Finance Act 2021 w.e.f. A.Y. 2021-22, there was no scope for making any adjustment u/s.143(1)(a) except for the claim of deduction claimed u/s. u/s.10AA, 80AIA, 80IAB, 80IB, 80IC, 80ID or Section 80IE. There was no such provision to disallow the claim of deduction u/s.80IP. Further, even after the amendment such an adjustment can be made, only if return has been filed beyond the due date, which is not the case here. Accordingly, the adjustment of 80P(2)(d) made by the CPC and as confirmed by the First Appellate Authority is deleted.

In the result, appeal of the assessee is allowed.