Charitable trust income application permits verified capital expenditure but rejects deferred pre-operative claims and requires reconsideration of con...
Reinsurance premium deductions require established regulatory breaches, while independently acquired software qualifies within the computer depreciati...
Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4807 
Join Channel 
