https://www.taxtmi.com/caselaws?id=757964 The ITAT Mumbai allowed the assessee's appeal against disallowance of deduction under section 80P(2)(d) for interest received from cooperative banks. The tribunal found no delay in filing the return as the due date was 30.09.2014 due to mandatory audit requirements under Maharashtra Co-operative Societies Act, 1960. The CPC's presumption of delay was incorrect. The tribunal held that debatable issues like section 80P(2)(d) deductions cannot be adjusted during processing under section 143(1). The delay in filing appeal was justified due to bonafide belief that intimation would be rectified under section 154. The AO was directed to delete the disallowance. en-us Fri, 30 Aug 2024 00:00:00 +0530 Thu, 05 Sep 2024 07:50:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757964 The ITAT Mumbai allowed the assessee's appeal against disallowance of deduction under section 80P(2)(d) for interest received from cooperative banks. The tribunal found no delay in filing the return as the due date was 30.09.2014 due to mandatory audit requirements under Maharashtra Co-operative Societies Act, 1960. The CPC's presumption of delay was incorrect. The tribunal held that debatable issues like section 80P(2)(d) deductions cannot be adjusted during processing under section 143(1). The delay in filing appeal was justified due to bonafide belief that intimation would be rectified under section 154. The AO was directed to delete the disallowance. Case-Laws Income Tax Fri, 30 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757964