Deduction Denied Only for Late ITR Set Aside After Condonation

Triplicane Coop. Credit Society Limited Vs ITO (ITAT Chennai) 80P Deduction Can’t Be Denied After Condonation u/s 119(2)(b): Chennai ITAT Grants Relief to Co-op Society Chennai ITAT ‘D’ Bench allowed the appeal of Triplicane Co-operative Credit Society Ltd. for AY 2018-19 and directed the AO to allow deduction of ₹86.66 lakh u/s 80P. Tribunal held that once the Competent Authority (CCIT-1, Chennai) had condoned the delay in filing return u/s 119(2)(b), the belated return must be treated as valid for claiming deduction, and denial u/s 80AC/139(1) was unsustainable. ITAT noted that the A...