Sectio 80P

[JAYAKUMAR MG]

Dear Experts

Kindly advice the remedy available to a Primary Agricultural Cop-Operative Society eligible for exemption u/s 80 P filed their return in first time after receiving Notices from Income Tax Department for AY 2018-19 on 30 th March 2019 .Now they received Intimation u/s 143 from CPC not allowing the 80 P Exemption and taxed the full amount at Normal rate. In this case please note that the due date was extended up Feb 28 due to Flood in Kerala but the benefit could not enjoyed due the fact that the date extended information was received on;ly on Feb 27, 2019. In this case what is the remedy / remedies availble the assessee agrieved by the intimation

Thanks in advance

[DR.MARIAPPAN GOVINDARAJAN]

What is the reason indicated in Sectin 143 notice for not allowing deduction under section 80P?

[JAYAKUMAR MG]

Respected Sir

Please note that in the instant case there is no reason specified .Only thing our claim of 80 P not allowed. It is due to the fact that from Ay 2018-19, some of the Chapter VIA deductions including 80 P is not allowed if the return submitted after due date similar to not allowing carry forward and set off business lossed incase of belated returns

Sir Kindly advice

AI Summary

Section 80P exemption denied for belated return; cooperative society seeks remedy against assessment intimation under disputed compliance rules. A primary agricultural cooperative society filed its return after the due date and received an intimation disallowing its cooperative-society exemption without stating a reason. The matter raises the issue that, from the relevant assessment year, deductions of the Chapter VIA type, including the cooperative exemption, are not allowable for returns filed after the due date, similar to limits on carrying forward business losses for belated returns, and prompts questions about available remedies where a deadline extension was effectively missed due to flood-related delay.