ITAT Denies Section 80P Deduction as Return Was Not Filed Within Section 139(1) Due Date

Kassia Credit Co-operative Society Ltd. Vs DCIT (ITAT Bangalore) The Income Tax Appellate Tribunal (ITAT), Bangalore, dismissed the appeal filed by the assessee against the order of the Commissioner of Income Tax (Appeals) [NFAC], which had upheld the disallowance of deduction claimed under Section 80P of the Income-tax Act, 1961 for Assessment Year (AY) 2018-19. The assessee had not filed its return of income under Section 139(1) of the Act for AY 2018-19. Based on information regarding cash deposits and interest earned on securities, the Assessing Officer (AO) issued a show cause notice unde...