Belated Return – u/s 80P Deduction Validly Denied u/s 143(1): ITAT Bangalore Dismisses Co-operative Society’s Appeal but Advises u/s 119(2)(b) Remedy

Sowrabha Mahila Pattina Sahakara Sangha Vs ITO (ITAT Bangalore) The Bangalore SMC Bench of the Income Tax Appellate Tribunal, Bangalore Bench dismissed the appeal of Shri Sowrabha Mahila Pattina Sahakara Sangha for AY 2019-20, upholding denial of deduction u/s 80P during processing of return u/s 143(1) where the return was filed beyond the due date prescribed u/s 139(1). The assessee had filed a nil return claiming deduction of ₹15.37 lakh u/s 80P, but CPC denied the claim on the ground of belated filing, invoking section 80AC. The CIT(A) confirmed the adjustment relying on Madras High Court...