Miss the Due Date, Miss U/s 80P: No Second Chances-Late Return, No Relief: U/s 80P Strictly Time-Barred- Karnataka HC

Madhu Souharda Pathina Sahakari Niyamitha Vs ITO (Karnataka High Court) Miss the Due Date, Miss U/s 80P: No Second Chances-Late Return, No Relief: U/s80P Strictly Time-Barred- Karnataka HC The Karnataka High Court dismissed the assessee’s appeal and upheld denial of deduction under Section 80P where no return of income was filed. The assessee, an AOP, failed to file its return despite notice u/s 142(1), leading to a best judgment assessment u/s 144. It argued that even in such assessment, the AO must grant eligible deductions like Section 80P, & that Section 80A(5) applies only where a r...