9911796707
|
Home
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2024 (3) TMI 478 - AT - Income TaxDisallowance of deduction u/s 80P by way of processing under sub-sec.(a)(v) thereof - HELD THAT - Revenue could hardly dispute that such a deduction under Chapter-VIA have been made disallowable in sec. 143(1)(a)(v) processing vide Finance Act 2021 w.e.f. 01.04.2021 without having any retrospective effect. We are in assessment year 2018- 2019 only. This being the clinching factual and legal position, it is held that the impugned processing dated 03.09.2019 as upheld in the CIT(A)'s order, disallowing sec. 80P claim is not sustainable in law going by stricter interpretation as per Commissioner of Customs (Imports), Mumbai vs. M/s. Dilip Kumar And Co. Ors. 2018 (7) TMI 1826 - SUPREME COURT . Ordered accordingly.
Issues involved: Appeal against disallowance of sec. 80P deduction claim u/s 143(1) of the Income Tax Act, 1961 for assessment year 2018-19.
Summary: Issue 1: Disallowance of sec. 80P deduction claim The appellant's appeal for assessment year 2018-19 challenged the disallowance of the sec. 80P deduction claim amounting to Rs. 39,62,982/- by the DCIT-CPC under sec. 143(1) of the Income Tax Act, 1961. The Tribunal noted that the deduction under Chapter-VIA had been made disallowable in sec. 143(1)(a)(v) "processing" vide Finance Act 2021 effective from 01.04.2021, without retrospective effect. Given the specific legal position, the Tribunal held that the disallowance of sec. 80P claim in the impugned processing dated 03.09.2019 was not sustainable in law. Citing the case of Commissioner of Customs (Imports), Mumbai vs. M/s. Dilip Kumar And Co. & Ors. [2018] 9 SCC 1 (SC), the Tribunal allowed the appellant's appeal, setting aside the disallowance. Decision: The Tribunal allowed the assessee's appeal, holding that the disallowance of sec. 80P deduction claim was not sustainable in law for assessment year 2018-19, based on the specific legal provisions and precedents cited. This summary provides a detailed overview of the issues involved and the Tribunal's decision regarding the disallowance of the sec. 80P deduction claim in the mentioned legal judgment.
|
