Case Law Details
Nutan Laxmi Co-Operative Housing Society Ltd Vs ADD/JT/DY/ACIT/ITO, NFAC (ITAT Mumbai)
The case revolves around Nutan Laxmi Co-Operative Housing Society Ltd’s claim for deductions under Section 80P of the Indian Income Tax Act, 1961. The primary issue was about the due date for filing the Income Tax Return (ITR) for the Assessment Year (AY) 2018-19. The Assessee had filed its return on September 18, 2018, claiming it was within the due date, whereas the Income Tax Department argued that the return was filed beyond the due date of August 31, 2018.
The core arguments involved:
1. Due Date for Filing ITR: The Assessee argued that since they were subject to audit under the Maharashtra State Co-Operative Act, their due date under Section 139(1) of the Income Tax Act was extended to October 31, 2018. Thus, they filed their ITR well within the time limit.
2. Audit Requirements: The Income Tax Department observed that while the Assessee claimed to be audited under the Maharashtra State Co-Operative Act, they did not submit an audit report along with the ITR.
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