SC Dismisses SLP Due to Delay, Upholds Quashing of Reassessment on Settled Section 80P Issue

ACIT Vs Kutch District Cooperative Milk Producers Union Limited (Supreme Court of India) The matter originated from reassessment proceedings initiated against a cooperative society engaged in procuring milk from its members and supplying it to Gujarat Cooperative Milk Marketing Federation Limited. The assessee had filed its return of income claiming deduction under section 80P of the Income Tax Act, 1961 amounting to ₹4.34 crore. The case was selected for scrutiny, and after examining the details and submissions, the Assessing Officer completed the assessment under section 143(3), determini...