Section 263 Validly Invoked for Allowing Section 80P in Belated Return

Mahatma Phule Gramin Bigarsheti Sahakar Pat Sanstha Vs PCIT-1 (ITAT Pune) PCIT Rightly Invokes Section 263 for Allowing Section 80P Deduction in Belated Return — ITAT Pune Upholds Revision The Pune Bench of the ITAT dismissed the assessee’s appeal and upheld the revisionary order passed under section 263, holding that the Assessing Officer (AO) had erroneously allowed deduction under section 80P in a case where the assessee failed to file its return of income within the time prescribed under section 139(1), in clear violation of section 80AC (applicable from AY 2018-19). Key takeaways from...