Case Law Details
Janki Vaishali Co-operative Housing Society Limited Vs CIT (Appeals) (ITAT Mumbai)
Undisputedly, assessee filed return of income on 24/12/2018 i.e. beyond the due date for filing return of income u/s. 139(1) of the Act for the Assessment Year 201819. The solitary reason for denying benefit of deduction u/s 80P of the Act is that the return filed by the assessee for the impugned assessment year is beyond the due date.
The ld. Authorized Representative for the assessee has brought to the notice of Bench that the provisions of section 80AC of the Act as applicable to Assessment Year under appeal contained no restriction of due date for filing return of income for claiming deduction u/s 80P of the Act.
The provisions of section 80P of the Act were substituted by the Finance Act,2018 w.e.f. 01/04/2018.
A bare perusal of the un-amended provision would show that there was no restriction for claiming deduction u/s 80P of the Act even if the return was filed beyond due date as specified u/s. 139(1) of the Act. The restriction was applicable only to the specified sections mentioned in section 80AC of the Act. The scope of section was enlarged by the Finance Act 2018 to include all deductions admissible under Chapter-VIA under the heading “C-Deduction in respect of certain incomes” The substituted section w.e.f. 01/04/2018 would be applicable to assessment year 2018-19 and in respect of deductions claimed u/s. 80P of the Act, as well. Since, in the impugned assessment year substituted provisions of section 80AC would be applicable, the CIT(A) has rightly rejected the appeal of assessee.
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this case is require to be review in view of section 143(1)(a)(v)