ITAT Pune Allows Section 80P Deduction Despite ITR Verification Delay

Kasma Prathmik Shishak Sahakari Vs ITO (ITAT Pune) Income Tax Appellate Tribunal (ITAT), Pune Bench, has ruled in favor of Kasma Prathmik Shishak Sahakari, a cooperative society, allowing its claim for deduction under Section 80P of the Income-tax Act, 1961. The Tribunal set aside the orders of the Assessing Officer (AO) and the Commissioner of Income Tax (Appeals) [CIT(A)], which had denied the deduction primarily due to a delay in e-verification of the income tax return. The decision clarifies that a valid claim for deduction under Section 80P can be made in a return filed in response to a n...