CPC Lacked Power Under Sec. 143(1) to Deny Sec. 80P for Late Filing Prior to Finance Act 2021

Lanjani Co-operative Agri Service Society Ltd Vs DCIT (ITAT Chandigarh) In a significant ruling affecting multiple co-operative societies, the Income Tax Appellate Tribunal (ITAT) Chandigarh has set aside orders from the National Faceless Appeal Centre (NFAC), Delhi, that had upheld the disallowance of Section 80P deductions solely due to the belated filing of income tax returns. The Tribunal’s consolidated decision, pronounced on August 30, 2022, emphasizes the critical aspect of statutory powers vested with the Centralized Processing Centre (CPC) for making such adjustments under Secti...