Section 80P Deduction: Amendment in Section 143(1)(a)(v) Effective AY 2021-22

Tajpur S.K.U.S Ltd. Vs DCIT (ITAT Kolkata) Income Tax Appellate Tribunal (ITAT), Kolkata Bench, has issued a significant ruling clarifying the scope of powers vested with the Centralized Processing Centre (CPC) for making prima facie adjustments. The Tribunal determined that the CPC lacked the authority to automatically deny the deduction claimed by co-operative societies under Section 80P of the Income Tax Act, 1961, for Assessment Year (AY) 2018-19, even if their income tax returns were submitted after the stipulated due date. The core of the ITAT’s decision rests on the temporal applicati...