Income Tax Return Filed after Due Date under Section 80AC: ITAT denies Deduction*****

Clipped from: https://www.taxscan.in/income-tax-return-filed-after-due-date-under-section-80ac-itat-denies-deduction/233312/

Income - Tax - Return - Filed - after - Due - Date - under - Section - 80AC - ITAT - denies - Deduction - TAXSCAN

The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has denied the claim for deduction as the income tax return was filed after the due date mentioned under Section 80AC of the Income Tax Act 1961.

In the instant case the assessing officer had disallowed the claim for deduction under Section 80P(2)(d) of the Income Tax Act, 1961 as the assessee, Janki Vaishali Co-operative Housing Society Limited had not filed the return of income within due date as specified under Section 139(1) of the Income Tax Act.  the benefit of section 80P of the Income Tax Act was disallowed to the assessee because the return of due date of income for Assessment Year 2018-19 was 31/10/2018 in the opinion of assessing officer, but the same was filed by the assessee on 24/12/2018.

Manoj Mahimkar, who appeared for the assessee contended that the assessee had claimed deduction under Section 80 p of the Income Tax act for the assessment year 2018-2019, and said the section had no application in respect of deduction claimed u/s 80P of the Act. He further contended that deduction under Section 80P of the Act had no restriction of due date after the amendment of Finance Act 2018.

Beena Santosh, on behalf of the department reiterated the decision of the Commissioner of Income Tax Appeals (CIT(A)) that, the assessee was not eligible for deduction u/s 80P of the Income Tax Act in the light of provisions of section 80AC of the Income Tax Act.

The tribunal of Vikas Aswathi, upheld the decision of Commissioner of Income Tax Appeals (CIT(A)) and dismissed the appeal of the assessee observed that the substituted section of 80AC of the Income Tax Act after amendment clearly showed that the Section 80 p of the of the Income Tax Act had all restriction upon the impugned year and impugned section and the Tribunal also denied the deduction.To Read the full text of the Order CLICK HERE

Support our journalism by subscribing to TaxscanAdFree. Follow us on Telegram for quick updates.

Janki Vaishali Co-operative Housing Society Limited vs The Commissioner of Income Tax (Appeals)

Counsel for Appellant:   Shri Manoj Mahimkar

Counsel for Respondent:   Ms. Beena Santosh

CITATION:   2022 TAXSCAN (ITAT) 1803

Be the First to get the Best

Join Our email list to get the latest Tax Updates , Special Offers, Events delivered right to your Inbox

Email Address *

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s