ITAT Ahmedabad: Belated Return Does Not Bar 80P Deduction for A.Y. 2017-18

Anjana Co-op. Credit Society Ltd. Vs ITO (ITAT Ahmedabad) Ahmedabad Tribunal in held that deduction u/s 80P cannot be denied for A.Y. 2017-18 merely because the return was filed late. Assessee, a cooperative credit society, declared income of Rs. 5.40 lakh with deduction u/s 80P, admitting only Rs. 26,194 as taxable bank interest. AO denied the claim u/s 144 citing section 80A(5) & belated filing. CIT(A) upheld this view. Tribunal observed that amended section 80AC, which made timely filing mandatory for all Chapter VI-A deductions including 80P, applied only from A.Y. 2018-19. For A.Y. 20...