Sec. 80P Denial Invalid; Amendment to Sec. 143(1)(a)(v) Not Applicable for AY 2019-20

Navavaghniya Seva Sahkari Mandali Ltd Vs DCIT/ACIT (ITAT Rajkot) In a significant ruling for co-operative societies, the Income Tax Appellate Tribunal (ITAT) Rajkot bench recently overturned an order denying exemption under Section 80P of the Income Tax Act, 1961, to Navavaghniya Seva Sahkari Mandali Ltd. The tribunal held that the deduction could not be disallowed merely because the return of income was filed beyond the due date specified under Section 139(1) of the Act. The case, Navavaghniya Seva Sahkari Mandali Ltd. vs. DCIT/ACIT (ITAT Rajkot), pertained to the Assessment Year 2019-20. The...