Section 80P deduction claim filed in a return submitted in ...

Deduction claim in return filed after notice valid for co-op societies.

Case Laws Income Tax

October 7, 2024

Section 80P deduction claim filed in a return submitted in response to notice u/s 142(1) is valid. The Income Tax Act does not mandate that the return must be filed u/ss 139(1), 139(4), or 139(5) for Section 80P deduction eligibility. Section 80A(5) only requires the claim to be made in a valid return of income filed by the assessee. A return filed in response to Section 142(1) notice is a valid return. The Kerala High Court in Chirakkal Service Co-operative Bank Ltd. case held that a return filed u/s 142(1) is valid for Section 80P deduction claim u/s 80A(5). Denying Section 80P deduction to the assessee who filed the return in response to Section 142(1) notice is incorrect.

View Source

← Previous Next →

Section 80P deduction claim filed in a return submitted in ...

Deduction claim in return filed after notice valid for co-op societies.

Case Laws Income Tax

October 7, 2024

You may also like:

The Income Tax Appellate Tribunal considered whether an assessee can claim deduction under Chapter VI-A of the Income Tax Act, 1961 for the first time in the return...

The assessee, a works contractor, filed a return in compliance with Section 153A notice and claimed deduction u/s 80IA, which was not claimed in the original return...

Deduction u/s 10B denied - alternative claim of deduction u/s 10A was not entertained by the CIT(A) primarily for the reason that the assessee had not claimed the same...

Deduction u/s. 80(P)(2)(a)(i) - Due date for filing the return of income u/s 139(1) - The assessee cannot be denied deduction under Section 80P(2)(a)(i) of the Act if...

Deduction u/s. 80IB(10) - non filling of return on time - the ITAT held that the return filed beyond the due date cannot claim deduction under section 80IB(10) as per...

Deduction u/s. 80P - hardship to file e-return of income - login problem - In the instant case the assessee faced genuine hardship, which mainly arised on account of...

Deduction u/s 80P - there was a few-month delay in filing the ITR by the assessee and ITR was filed within due date permissible u/s 139(4) of the Act, in which the claim...

The assessee filed an original return u/s 139(4) and later discovered an omission, wrongly claiming deduction u/s 57 for interest paid on borrowed capital under 'Income...

Disallowance of exemption claimed u/s 54EC - non filling ROI - investment made in REC - assessee has neither filed return of income u/s 139(1) of the Act, nor in...

Validity of SCN - Reversal of Input Tax Credit - In the show-cause notice, the respondents have alleged that the notice i.e. petitioner has willfully filed the return on...

The preliminary assessment u/s 143(1) is limited to processing the return for arithmetical errors, incorrect expense claims, verifying audit reports, deductions, and...

Exemption u/s 11 - Admittedly, the claim of exemption was made in the revised return filed within the statutory time limit but was treated as defective only on flimsy...

The issue pertained to the validity of filing a revised return after the prescribed time limit. The High Court set aside the Tribunal's order, stating that after the...

Deduction claimed u/s 54F OR 54 - Investment of LTCG - Owning more than one house property - CIT(A) deleted the addition considering the same u/s 54 - Assessee revised...

Deduction u/s 80P(2)(a) - return of income filed belatedly u/s 139(4) - The assessee has claimed deduction U/s 80P(2)(a)(i) on profits earned during the year and filed...

Quick Updates: