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 of the dispute revolved around whether the Centralized Processing Centre (CPC) could make an adjustment under Section 143(1) of the Act, denying the Section 80P deduction, when the assessee had filed its return of income beyond the due date prescribed under Section 139(1) but within the extended period allowed by Section 139(4).
Background of the Case
Sri Kodandaramaswamy Primary Agricultural Co-operative Society Limited, the assessee in this case, was required to file its return of income for the assessment year 2018-19 by September 30, 2018, as per Section 139(1) of the Act. However, the society submitted its return on March 31, 2019, which was the last permissible date for filing a belated return under Section 139(4) of the Act.
