https://www.taxtmi.com/caselaws?id=765678 ITAT Cochin denied deduction under section 80P as the assessee cooperative society failed to file a valid return of income as required under section 80A(5). The tribunal relied on Kerala HC precedent in Nileshwar Range case establishing that deduction claims must be made in valid returns. However, penalty under section 271B for delayed audit report submission was deleted, following Chavakkad Service Co-op Bank precedent where reasonable cause existed due to statutory auditor delays under Kerala Co-operative Societies Act. Deduction under section 80P(2)(d) for interest from District Co-operative Bank was allowed. en-us Tue, 04 Feb 2025 00:00:00 +0530 Fri, 07 Feb 2025 08:38:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765678 ITAT Cochin denied deduction under section 80P as the assessee cooperative society failed to file a valid return of income as required under section 80A(5). The tribunal relied on Kerala HC precedent in Nileshwar Range case establishing that deduction claims must be made in valid returns. However, penalty under section 271B for delayed audit report submission was deleted, following Chavakkad Service Co-op Bank precedent where reasonable cause existed due to statutory auditor delays under Kerala Co-operative Societies Act. Deduction under section 80P(2)(d) for interest from District Co-operative Bank was allowed. Case-Laws Income Tax Tue, 04 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765678