Co-operative Societies Can Claim 80P Deduction Even with Belated Returns, Rules ITAT

Shree Dhamel Seva Sahkari Mandali Ltd Vs Asstt. Director of Income Tax (CPC) (ITAT Rajkot) In a significant ruling for co-operative societies, the Income Tax Appellate Tribunal (ITAT) Rajkot Bench has held that the deduction under Section 80P of the Income Tax Act, 1961, should not be denied to co-operative societies merely because their income tax returns were filed belatedly under Section 139(4) of the Act, rather than within the original due date specified under Section 139(1). The ITAT set aside the orders of the Commissioner of Income Tax (Appeals) and remanded three identical cases back ...