2022 (10) TMI 1147

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....ax Act, 1961 [ in short 'the Act'] on the pretext that the assessee had not filed return of income within due date as specified u/s. 139(1) of the Act . 3. Shri Manoj Mahimkar appearing on behalf of the assessee submitted that assessee is a Co-operative housing Society. During the period relevant to the assessment year under appeal, the assessee has earned interest income of Rs.2,96,681/- from deposits with Co-operative Banks. The assessee claimed deduction of the aforesaid amount under the provisions of section 80P (2) (d) of the Act. The return of the assessee was processed u/s. 143(1) of the Act disallowing assessee's claim of deduction u/s. 80P(2)(d) of the Act. Aggrieved by the order/ intimation dated 31/05/2019 u/s 143(1) of the Act,....

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.... of income beyond due date, hence, the assessee is not eligible for deduction u/s 80P in the light of provisions of section 80AC of the Act. 5. Both sides heard, orders of authorities below examined. Undisputedly, assessee filed return of income on 24/12/2018 i.e. beyond the due date for filing return of income u/s. 139(1) of the Act for the Assessment Year 2018-19. The solitary reason for denying benefit of deduction u/s 80P of the Act is that the return filed by the assessee for the impugned assessment year is beyond the due date. 6. The ld. Authorized Representative for the assessee has brought to the notice of Bench that the provisions of section 80AC of the Act as applicable to Assessment Year under appeal contained no restriction of....