Section 80P Allowed Despite Late Return: ITAT Says 80AC Not Triggered for AY 2017-18

Basaveswar Co-Op Credit Society Niyamit Vs ITO (ITAT Panaji) Section 80P Allowed Despite Late Return—ITAT Says 80AC Not Triggered for AY 2017-18- Tribunal Saves 80P Claim; Remands u/s68 Cash Deposit Issue for Re-Examination Assessee, a credit cooperative society, had made cash deposits during F.Y.2016-17. Since no return was filed, AO issued notices u/s142(1) & finally completed assessment u/s144, treating Rs.12,00,000/- as unexplained cash deposits u/s68 on the ground that Assessee failed to prove source of cash during demonetisation. AO further denied deduction u/s80P of Rs.4,06,475/- ...