Sec. 80P Deduction Cannot Be Denied for Late Filing; Return Filed Within Sec. 139(4) Period

Trambakpur Sahkari Mandli Vs DCIT/ACIT (ITAT Rajkot) Income Tax Appellate Tribunal (ITAT) Rajkot has intervened in the case of Trambakpur Sahkari Mandli Vs DCIT/ACIT, addressing the contentious issue of denying Section 80P deduction to a co-operative society solely on the grounds of belated filing of its income tax return. The Tribunal’s decision, pronounced on October 31, 2022, has restored the matter to the Commissioner of Income Tax (Appeals) [CIT(A)] for fresh adjudication on merits, emphasizing the limitations of prima facie adjustments under Section 143(1) of the Income Tax Act, 19...