2023 (7) TMI 1435

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....ed its income at Rs. 2,43,430/- after claiming deductions amounting to Rs. 50,000/- and 51,22,598/- respectively u/s. 80P(2)(c) and 80P (2)(d) of the Act, by filing its return of income on dated 18th Sep, 2018, which was selected for scrutiny under CASS on the issues "Deduction from total income under chapter VI-A and Claim of any other amount allowable as deduction in scheduled BP". 2.1 The AO by issuing statutory notices asked the Assessee to provide certain information, in response to which, the Assessee by filling its replies claimed that it is Co-Operative Housing Society of plot holders and having main source of income from interest received from bank deposits, contribution from its members and transfer of plot and lease rent etc. T....

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....en filed within the time permitted U/s. 139(1) of Income Tax Act, 1961 read with section 80AC (ii) which reads as underDeduction not to be allowed unless return furnished.- 80AC. Where in computing the total income of an assessee of any previous year relevant to the assessment year commencing on or after- (i)..... (ii) the first date of April 2018, any deduction is admissible under any provision of this chapter under the heading "C.-Deductions in respect of certain incomes". no such deduction shall be allowed to him unless he furnishes a return of his income for such assessment year on or before the due date specified under sub-section (1) of section 139." 6.3 Vide notice u/s. 142(1) of the Income Tax Act, 1961 dt. 19-01-2021, t....

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....e the ITR so filed by the assessee is found to have filed beyond the due date in this case, the assessee society is not found eligible for deduction u/s. 80P of the Income Tax Act, 1961 in terms of section 80AC(ii) of the Income Tax Act, 1961. 6.6 Since the assessee failed to fulfill the condition contained in the above section of 80AC(i) by not furnishing its return of its income for the assessment year under consideration on or before the due date specified under sub-section (1) of section 139.", it is not eligible for deduction under section 80P of the Income Tax Act, 1961, which falls under the Chapter VIA of the Act. Thus, in this case deduction under the aforesaid section i.e. 80P 2(c)(ii) and 80P(2)(d) of the Income Tax Act, 1961.....

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....gard and in view of the same the benefits of due date for auditable case Le, 31-10-2018 is not found to have applicable in its case and hence it is treated that the assessee had filed its ITR beyond the due date in the instant case. Since the ITR filed by the assessee is found to have filed beyond the due date in this case, the assessee society is not found eligible for deduction u/s 80P of the Income Tax Act, 1961 in terms of section 80AC(ii) of the Income Tax Act, 1961. Thus, the assessee failed to fulfill the condition contained in the section 80AC() by not furnishing its return of its income for the assessment year under consideration on or before the due date specified under sub-section (1) of section 139. Therefore, it is not eligible....