TaxTMI 
TaxTMI 
2023 (4) TMI 1423
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....of Deduction u/s 80P of Rs. 14,32,480/- due to delay in filing return. 2. The Learned Commissioner of Income Tax - Appeals erred in Not appreciating the fact that the Appellant co-operative society is an eligible person under the provisions of Income Tax Act, 1961 to claim deduction under section 80P on merit and the same should not be disallowed merely because of the fact that there is an inadvertent delay in filing the return for the relevant Assessment Year under consideration. Hence no disallowance was warranted on the fact of the case. 3. The Appellant co-operative society is carrying on the business of providing credit facility to its members and is entitled to claim deduction under section 80P. The relevant books and document are....
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....n the return of income is not filed within the time limit as per section 139(1) of the Act. This argument was not accepted by the revenue authorities and it was held that deduction u/s 80P of the Act was covered under Part "C‟ deduction of Chapter VI-A, so the deduction u/s 80P cannot be allowed if the return filed after due date which was 30-09-2020 in this case. Therefore, the claim of deduction u/s 80P of the Act was found ineligible since the assessee has not filed its return of income u/s 139(1) of the Act within the prescribed time allowed under the Act. 3. At the time of hearing, the ld. A.R of the assessee admitted the delay in filing of the return of income but contested on a legal ground for the first time before the Tribun....
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....any information in the return" shall mean a claim, on the basis of an entry, in the return, - (i) of an item, which is inconsistent with another entry of the same or some other item in such return; (ii) in respect of which the information required to be furnished under this Act to substantiate such entry has not been so furnished; or (iii) in respect of a deduction, where such deduction exceeds specified statutory limit which may have been expressed as monetary amount or percentage of ratio or fraction. Again by this definition also, claim of deduction u/s 80P does not fall within the ambit of definition of an incorrect claim. Therefore, even clause (ii) of section 143(1)(a) would not be applicable in the case of the assessee. 4. Pe....