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2023 (7) TMI 849 - AT - Income TaxDeduction u/s 80P - Adjustment u/s 143(1) - deduction denied as return was filed beyond the due date u/s 139(1) - HELD THAT - The provisions of section 80AC(ii) amendment, which made it clear that any deduction that is claimed under para c of Chapter VI A would be admissible, only if the return of income in that case is filed within the prescribed due date. No claim under any of the provisions of para c of Chapter VIA would be admissible in the case of belated return. CIT(A) dismissed the appeal of the assessee relying on the decision of AA520 Veerappampalayam Primary Agricultural Cooperative Credit Society Ltd 2021 (4) TMI 1169 - MADRAS HIGH COURT Similar issue was adjudicated by the Tribunal in the case of Unagatla Large Sized Co-operative Credit Society Ltd., Chagallu Mandal 2023 (3) TMI 1386 - ITAT VISAKHAPATNAM against the assessee, relying on the decision in the case of AA520 Veerappampalayam Primary Agricultural Cooperative Credit Society Ltd 2021 (4) TMI 1169 - MADRAS HIGH COURT - Decided against assessee.
Issues involved:
The appeal against the order of Commissioner of Income Tax (Appeals) [CIT(A)] regarding the denial of deduction u/s 80P of the Income Tax Act, 1961 for the Assessment Year 2019-20. Details of the Judgment: 1. Filing of Return and Disallowance of Deduction: The appellant, a cooperative society, filed its return of income for A.Y. 2019-20 beyond the due date u/s 139(1) but within the extended time u/s 139(4), claiming a deduction u/s 80P. The Centralized Processing Centre (CPC) disallowed the deduction, stating that the return was filed late. The AO rejected the rectification request, leading to an appeal before the CIT(A), who upheld the disallowance. The appellant contended that the denial of deduction was unjust as there was no provision in section 143(1) to adjust the claim of deduction u/s 80P before the amendment by the Finance Act, 2021. The appellant argued that the return filed within the extended time should be considered valid for claiming the deduction. 2. Legal Interpretation and Precedents: The Judicial Member analyzed the provisions of section 80AC(ii) and emphasized that deductions under Chapter VI A are admissible only if the return is filed within the prescribed due date. Referring to the decision of the Madras High Court, it was established that no claim under Chapter VIA would be admissible in the case of a belated return. The Tribunal's decision in a similar case supported this interpretation. The Member concluded that the denial of deduction u/s 80P was correctly made by the CPC and upheld by the CIT(A), dismissing the appellant's grounds for appeal. 3. Conclusion: The Tribunal dismissed the appeal, affirming the decision to disallow the deduction u/s 80P due to the late filing of the return. The judgment highlighted the importance of adhering to statutory timelines for claiming deductions under the Income Tax Act. The legal principles established by previous court decisions were crucial in determining the outcome of the case. Separate Judgment by Judge: No separate judgment was delivered by the Judge in this case.
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