Section 80P Deduction Allowed Despite Late Filing, Section 80AC applies from AY 2018-19 onwards

Shantadurga Multi Purpose Souharda Sahakari Niyamit Vs National e-Assessment Centre (ITAT Panaji) ITAT Panaji: Deduction u/s 80P Allowed – Sec.80AC Not Applicable to Co-op Societies Prior to AY 2018-19 Panaji Tribunal has held that provisions of section 80AC, which mandate timely filing of return u/s 139(1) as a precondition for claiming deduction, are applicable to cooperative societies only from AY 2018-19 onwards. Therefore, deduction u/s 80P cannot be denied to a society for earlier years merely on the ground of belated filing. Assessee, a cooperative society providing credit facilities ...