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of <h1>Agricultural Credit Cooperative Society Wins Tax Deduction Claim Under Section 80P, Tribunal Overturns Previous Denial of Exemption</h1> <h3>Geonkhali Co-Operative Agricultural Credit Society Limited. Versus I.T.O., Ward - 27 (1) Income Tax Office, Basudebpur</h3> Geonkhali Co-Operative Agricultural Credit Society Limited. Versus I.T.O., Ward - 27 (1) Income Tax Office, Basudebpur - TMI The Appellate Tribunal (ITAT Kolkata) allowed the assessee's appeal for AY 2017-18 against the CIT(A)'s order confirming an addition of Rs. 7,84,470. The issue concerned denial of deduction under section 80P of the Income Tax Act, as the assessee, an agricultural credit cooperative society, had not filed a return of income. The AO disallowed the deduction relying on section 80A(5) and section 80AC of the Act.The Tribunal clarified that section 80A(5) does not mention section 80P, and section 80AC's requirement to file a return to claim deductions applies only from AY 2018-19 onwards. Since the instant year is AY 2017-18, 'there is no requirement under the Act to file the return of income to claim deduction u/s 80P.' Accordingly, the Tribunal held that the assessee 'cannot be denied the deduction u/s 80P' and set aside the CIT(A)'s order, directing the AO to allow the deduction. The appeal was allowed.
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