https://www.taxtmi.com/caselaws?id=431635 The ITAT allowed the appeal of a Credit Co-operative Society, setting aside the CIT(Appeals) decision to disallow a deduction of Rs.16,40,116 under Section 80P of the Income Tax Act for A.Y. 2018-19. The ITAT held that the CPC exceeded its jurisdiction by disallowing the deduction due to belated filing, as the relevant amendment requiring timely filing was not in effect at the time of the return filing. Consequently, the disallowance was deemed unjustified, leading to the allowance of the assessee's appeal. en-us Thu, 15 Dec 2022 00:00:00 +0530 Sat, 17 Dec 2022 09:17:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431635 The ITAT allowed the appeal of a Credit Co-operative Society, setting aside the CIT(Appeals) decision to disallow a deduction of Rs.16,40,116 under Section 80P of the Income Tax Act for A.Y. 2018-19. The ITAT held that the CPC exceeded its jurisdiction by disallowing the deduction due to belated filing, as the relevant amendment requiring timely filing was not in effect at the time of the return filing. Consequently, the disallowance was deemed unjustified, leading to the allowance of the assessee's appeal. Case-Laws Income Tax Thu, 15 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431635