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. 2017-18, late filing was not fatal. It also noted that AO completed assessment in haste without proper opportunity. Tribunal directed AO to allow deduction u/s 80P(2)(a)(i) & 80P(2)(d), except for Rs. 26,194 bank interest.
FULL TEXT OF THE ORDER OF ITAT AHMEDABAD
This appeal by the assessee is directed against the order of the Commissioner of Income Tax (Appeals), Gandhinagar [hereinafter referred to as “CIT(A)”] dated 21.02.2025 for the assessment year 2017–18, arising out of the assessment order passed under section 144 of the Income-tax Act, 1961 [hereinafter referred to as “the Act”] by the Income-tax Officer, Ward 5, Gandhinagar [hereinafter referred to as “Assessing Officer or AO”], dated 01.10.2019.
