Co-operative credit society deduction on bank deposit interest upheld where funds were business funds and income remained attributable to member credi...
Transfer pricing benchmarking and receivables adjustments remanded: segmental financials need proper scrutiny, and foreign-currency interest must trac...
The ITAT held that the return-filing condition introduced in section 80AC(ii), requiring a return to be filed within the time prescribed under section 139(1), applied only from 1 April 2021 and was not applicable to assessment year 2019-20. Accordingly, denial of deduction under section 80P in an intimation under section 143(1) solely because the return was filed belatedly was unsustainable, and the intimation was annulled.
The ITAT held that the return-filing condition introduced in section 80AC(ii), requiring a return to be filed within the time prescribed under section 139(1), applied only from 1 April 2021 and was not applicable to assessment year 2019-20. Accordingly, denial of deduction under section 80P in an intimation under section 143(1) solely because the return was filed belatedly was unsustainable, and the intimation was annulled.
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