9911796707
TMI Blog2024 (10) TMI 1644X X X X Extracts X X X X X X X X Extracts X X X X ..... to the notice issued under section 148 of the Act, assessee filed its return of income on 25.04.2022 declaring Nil income. Assessment was completed under section 147 r.w.s. 144B of the Act, vide Order dated 16.03.2023. In the said Assessment Order, the source of cash deposit was accepted and no additions were made on that account. However, while computing the income, the AO disallowed deduction claimed by the assessee under section 80P of the Act. 3. Aggrieved by the disallowance of deduction claimed under section 80P of the Act, amounting to Rs. 15,00,698/-, assessee filed appeal before the First Appellate Authority. The CIT (A) dismissed the appeal of the assessee. The CIT (A) held that assessee has not filed its return of income within the due date prescribed under section 139(1) of the Act and therefore as per section 80AC of the Act, the claim of deduction under section 80P of the Act cannot be allowed. 4. Aggrieved by the CIT(A)'s Order, assessee has filed the present appeal before the Tribunal. The grounds raised by the assessee read as follows: 1. The important question of law as to the belated filing of ITR after receipt of notice u/s. 148 of the Act and conseque ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ee in a return of income filed by him. That return can be under sections 139(1), 139(4), 142(1) or section 148, and to be valid, had to be filed within the due date contemplated under those provisions. Under section 80A(5), the claim for deduction under section 80P could be made by an assessee in a return filed within the time prescribed for filing such returns under any of the above provisions. The amendment to Section 80AC with effect from 1-4- 2018, however, mandated that for an assessee to get a deduction under section 80P of the IT Act, he had to furnish a return of his income for such assessment year on or before the due date specified in section 139(1) of the IT Act. In other words, after 1-4-2018, even if the assessee makes his claim for deduction under section 80P in a return filed within time under sections 139(4), 142(1) or section 148, he will not be allowed the deduction, unless the return in question was filed within the due date prescribed under section 139(1). Thus, it is clear that the statutory scheme permits the allowance of a deduction under section 80P of the IT Act only if it is made in a return recognised as such under the IT Act, and after 1-4-2018, only if ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the learned counsel for the appellant/assessee relying on the provisions of section 139(8)/(9) and section 234A of the IT Act. A reading of the provisions of section 139(8) and (9) of the IT Act clearly reveals that even under those provisions, the restrictions placed with regard to the accrual of interest on amounts assessed on an assessee is with regard to the date of filing of a return within the time prescribed under the IT Act. Under section 234A of the IT Act, however, although the provision suggests that even a return filed beyond the time prescribed under any of the provisions of the IT Act can have the effect of limiting the accrual of interest on the amounts assessed against an assessee, we have to see the said provision as permitting a filing of a belated return for the limited purpose of conferring a specific benefit of limiting the accrual of interest, on an assessee, and for no other purpose. We cannot accept the contention of the appellant/assessee that the said provisions which are intended for a specific purpose and are not general in nature, have to be seen as manifesting a statutory scheme that enables the Department to act upon a belated return for allowing th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 52 taxmann.com 347 (Kerala) has held as under:- "11. On a consideration of the rival submissions and on a perusal of the statutory provisions, we find that a reading of section 80A(5) and Section 80AC of the IT Act as they stood prior to 1- 4-2018, when the latter provision was amended by Finance Act 2018, would reveal that the statutory scheme under the IT Act was to admit only such claims for deduction under section 80P of the IT Act as were made by the assessee in a return of income filed by him. That return can be under sections 139(1), 139(4), 142(1) or section 148, and to be valid, had to be filed within the due date contemplated under those provisions. Under section 80A(5), the claim for deduction under section 80P could be made by an assessee in a return filed within the time prescribed for filing such returns under any of the above provisions. The amendment to Section 80AC with effect from 1-4-2018, however, mandated that for an assessee to get a deduction under section 80P of the IT Act, he had to furnish a return of his income for such assessment year on or before the due date specified in section 139(1) of the IT Act. In other words, after 1-4-2018, even if the asses ..... X X X X Extracts X X X X X X X X Extracts X X X X
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