2023 (5) TMI 1243

Introducing the “In Favour Of” filter in Case Laws.

⚖️ Instantly identify judgments decided in favour of the Assessee, Revenue, or Appellant
🔍 Narrow down results with higher precision

2023 (5) TMI 1243

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....following revised grounds of appeal:- "1. For that the Ld. CIT(A) was not justified in confirming the denial of benefit of section 80P to the tune of Rs. 6,32,082/- by A.O. (CPC) on the ground of belated filing of Return of Income. 2. For that the Ld. CIT(A) ought to have appreciated that the delay in filing of return of income was occasioned due to reasons beyond the control of the assessee. 3. For that the Ld. CIT(A) ought to have appreciated that the denial of benefit u/s 80P on account of delay in filing Return of Income was beyond the jurisdiction of the A.O. (CPC) while exercising power of processing Return of income u/s 143(1)." 3. Brief facts of the case are that the assessee received an intimation from CPC, Bangalore u/s ....

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....kari Mandali Ltd. (supra) considered the above amendment and held as follows: "7. We have heard the rival contentions and perused the material on record. In the instant facts, admittedly the assessee did not file return of income within the time permissible under section 139(1) of the Act. However, the assessee filed its return of income belatedly on 30-11-2020 and claimed deduction of Rs. 2,22,704/- under section 80P of the Act. The issue for consideration before us is that whether once the return of income is filed beyond the prescribed date under section 139(1) of the Act, can the deduction under section 80P of the Act be denied to the assessee, by way of adjustment under section 143(1) of the Act. On going through the statutory provis....

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.... (iii) in respect of a deduction, where such deduction exceeds specified statutory limit which may have been expressed as monetary amount or percentage or ratio or fraction 7.1 A joint reading of the above provisions makes it evident that the claim of deduction under section 80P of the Act cannot be allowed the assessee, if the assessee does not file its return of income within the due date stipulated under section 139(1) of the Act w.e.f. assessment year 2018-19 onwards. However, we also note that amendment has been introduced in section 143(1)(a)(v) of the Act to provide that the claim of deduction under section 80P of the Act can be denied to the assessee, in case the assessee does not file its return of income within the time prescri....

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....e case of Chirakkal Service Co-Operative Bank Ltd. Kannur v. CIT 2016] 68 taxmann.com 298 (Kerala), the Kerala High Court held that a return filed by assessee beyond period stipulated under section 139(1) or 139(4) or under section 142(1) or section 148 can also be accepted and acted upon for entertaining claim raised under section 80P provided further proceedings in relation to such assessments are pending in statutory hierarchy of adjudication in terms of provisions of Act. In the case of ASR Engg. & Projects Ltd. [2019] 111 taxmann.com 49 (Hyderabad - Trib.), the ITAT held that to be eligible to make claim under section 80-IA or any other section of Chapter VI A, assessee should have filed return of income under section 139(1) and even i....

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2023 (5) TMI 1243