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of <h1>Deduction under section 80P denied as return not filed under section 139(1); condonation under section 119(2)(b) refused</h1> <h3>Elanthoor Service Co-op. Bank Ltd. Versus The Income Tax Officer Ward - 2, Thiruvalla</h3> The ITAT COCHIN upheld disallowance of the assessees' deduction under section 80P because the return was not filed within the time under section 139(1). ... Deduction u/s. 80P - AO had disallowed the claim for deduction u/s. 80P primarily on the ground that the return of income was not filed within the due date prescribed u/s. 139(1) - CIT, (Hqrs.) (Tech) u/s. 119(2)(b) had rejected the application for condonation of delay HELD THAT:- CIT, in exercise of the powers vested with him u/s. 119(2)(b) of the Act and also read with Board circular No. 13/2023 dated 26.07.2023 had disposed of the condonation application of the assessee, as such we do not find any merit in the appeal filed by the assessee. The appellant, a co-operative society, filed a belated return for AY 2018-19 on 15.02.2019 claiming deduction of Rs. 1,14,51,744 u/s. 80P of the Income Tax Act. The return was processed u/s. 143(1) by determining income at Rs. 1,14,51,774, having 'disallowed the deduction u/s. 80P of the Act, as the return was filed belatedly.' The Assessing Officer disallowed the claim primarily because the return was not filed within the due date prescribed u/s. 139(1). The assessee's application for condonation was considered and disposed of by the CIT in exercise of powers u/s. 119(2)(b), having regard to Board Circular No. 13/2023 dated 26.07.2023. The Tribunal, after perusing records and submissions, upheld the administrative disposal and concluded that it 'do not find any merit in the appeal filed by the assessee,' and dismissed the appeal.
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