Madanpur Co-operative House Building Society Limited Vs ITO (ITAT Chandigarh)
Section 80P(2)(d) Deduction Allowed – Co-operative Society Entitled to 31 Oct Due Date Due to Statutory Audit Requirement – ITAT Chandigarh
ITAT allowed deduction of ₹98.04 lakh u/s 80P(2)(d) holding that the return filed on 31-10-2019 was within the due date applicable to a co-operative society whose accounts were required to be audited under the Punjab State Co-operative Societies Act. Tribunal observed that Explanation-2(a)(ii) to sec.139(1) extends the due date to 31 October where statutory audit is mandated under any law, irrespective of whether the audit was completed by the Registrar’s Inspector at that time.
Since the assessee had obtained a special audit and filed the return within the extended due date, denial of deduction by CPC and CIT(A) was held incorrect. AO was directed to recompute income allowing the claim. Appeal allowed.
FULL TEXT OF THE ORDER OF ITAT CHANDIGARH
1. Aforesaid appeal by assessee for Assessment Year (AY) 201920 arises out of an order of learned Commissioner of Income Tax (Appeals), NFAC [CIT(A)] dated 04-10-2024 in the matter of a rectification intimation issued by CPC u/s 154 on 28-12-2020. Having heard rival submissions, the appeal is disposed-off as under.
