ITAT Bangalore Allows Net Profit Taxation Despite Denial of Section 80P Deduction

Prathamika Krishi Pattina Sahakara Sangha Ltd. Vs ITO (ITAT Bangalore) The Income Tax Appellate Tribunal (ITAT), Bangalore, in the case of Prathamika Krishi Pattina Sahakara Sangha Ltd. Vs ITO, addressed the disallowance of a deduction claimed under Section 80P of the Income Tax Act, 1961, for the assessment year 2017–18. The central issue revolved around the consequences of a co-operative society failing to file its income tax return within the due date prescribed by Section 139(1) of the Act. The assessee, Prathamika Krishi Pattina Sahakara Sangha Ltd., a co-operative society, had claimed ...