Appeal granted for deduction under Income Tax Act section 80P, return filed on time

The Tribunal allowed the appeal, ruling in favor of granting the deduction under section 80P of the Income Tax Act to the assessee. The denial of benefit based on belated filing of the Return of Income was deemed unjustified, as the return was filed within the permissible due date under the Act. The intimation issued by the CPC was quashed, emphasizing that denial of deduction under section 80P is not valid in such circumstances.

---

---

Issues involved:
The denial of benefit of section 80P u/s 143(1) of the Income Tax Act due to belated filing of Return of Income.

Summary:

Issue 1: Denial of benefit of section 80P
The appeal was against the order of the CIT(A) confirming the denial of benefit of section 80P amounting to Rs. 6,32,082 by the Assessing Officer (CPC) based on belated filing of Return of Income. The assessee contended that the delay was beyond their control and the denial was unjustified. The Tribunal referred to relevant provisions and held that the denial of deduction under section 80P cannot be made if the return of income was filed within the due date permissible u/s 139(4) of the Act. The Tribunal allowed the appeal, quashing the intimation passed by the CPC.

Key Points:
- The assessee filed the return belatedly, leading to the denial of section 80P benefit.
- The Tribunal held that denial of deduction under section 80P is not valid if the return was filed within the permissible due date.
- The intimation u/s 143(1) dated 28/09/2020 was deemed invalid and quashed.
- The decision was based on the interpretation of relevant statutory provisions and judicial precedents.

Decision:
The Tribunal allowed the appeal of the assessee, ruling in favor of granting the deduction u/s 80P of the Act due to the belated filing of the Return of Income being within the permissible due date under the Act.

This summary provides a detailed overview of the judgment, highlighting the issues involved and the Tribunal's decision on the denial of benefit under section 80P of the Income Tax Act.

---