Allowability of Salary Exemptions: Form 16 entries can substantiate HRA and other salary exemptions, and home loan interest is deductible for a self-o...
Capital gains exemption: payment for plot, architect fees and bona fide commencement of construction can satisfy utilisation requirement and secure re...
The Tribunal held that, after substitution of section 80AC from 01.04.2018, deductions under Part C of Chapter VIA, including section 80P, are admissible only if the return is furnished within the due date under section 139(1). It accepted that this amendment applies from AY 2018-19 and followed the Madras High Court ruling in Veerappampalayam Primary Agricultural Cooperative Credit Society Ltd. A claim made only in a return filed in response to section 148, where no return had been filed within the section 139 due date, could not cure the default. The denial of deduction under section 80P was therefore sustained and the appeal dismissed.
The Tribunal held that, after substitution of section 80AC from 01.04.2018, deductions under Part C of Chapter VIA, including section 80P, are admissible only if the return is furnished within the due date under section 139(1). It accepted that this amendment applies from AY 2018-19 and followed the Madras High Court ruling in Veerappampalayam Primary Agricultural Cooperative Credit Society Ltd. A claim made only in a return filed in response to section 148, where no return had been filed within the section 139 due date, could not cure the default. The denial of deduction under section 80P was therefore sustained and the appeal dismissed.
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