2025 (4) TMI 1432

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....ted and pertain to the disallowance of the claim of deduction u/s 80P of the Act amounting to Rs. 35,86,483/- only. 3. The relevant facts are that the assessee is a cooperative society and engaged in the business of providing credit facility to the members. The assessee for the year under consideration i.e. A.Y. 2020-21 did not file return of income as per section 139(1) of the Act. The time limit for filing the belated return as per section 139(4) of the Act was also lapsed. Hence, the assessee filed updated return as per the provision of section 139(8A) of the Act as on 26th September 2022 wherein declared total income at NIL after claiming deduction under section 80P(2)(a(i) of the Act for Rs. 35,86,483/- only. 4. The return filed unde....

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.... requisite tax in compliance to Part-B-ATI of the updated return of income. 11. I have heard the rival contentions of both the parties and perused the materials available on record. In the present appeal, the core issue relates to the disallowance of the assessee's claim for deduction under section 80P of the Act, amounting to Rs. 35,86,483/-, as processed under section 143(1) of the Act. The assessee is a cooperative society engaged in the business of providing credit facilities to its members. For the assessment year 2020-21, the assessee failed to file its return within the due date prescribed under section 139(1) of the Act. Furthermore, the time limit for filing a belated return under section 139(4) had also lapsed. Consequently, the ....