Sec. 80P Denial Unjustified; Amendment to Sec. 143(1)(a)(v) Applies Prospectively From AY 2021-22

Kodandaramaswamy Primary Agricultural Co-operative Society Limited Vs ITO (ITAT Hyderabad) Income Tax Appellate Tribunal (ITAT) Hyderabad bench has intervened in a dispute concerning the denial of tax deductions to a primary agricultural co-operative society. The tribunal, in the case of Kodandaramaswamy Primary Agricultural Co-operative Society Limited vs. Income Tax Officer (ITO), for the assessment year 2018-19, set aside an order that had disallowed a significant deduction under Section 80P of the Income Tax Act, 1961, primarily due to the belated filing of the income tax return. The core ...