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2023 (1) TMI 606 - AT - Income TaxDeduction u/s 80P(2)(a) - return of income filed belatedly u/s 139(4) - adjustment u/s 143(1) - assessee is a co-operative society and it filed return of income after the due date, accordingly, as per section 80AC(ii) of the Act, the assessee is not eligible to claim deduction as per the amended provisions - HELD THAT:- On going through the inserted clause (ii) in section 80AC assessee has to comply the section 80AC of the Act, if it wants to claim deduction under Chapter VIA under the heading “C-Deductions in respect of certain incomes”. The assessee has claimed deduction U/s 80P(2)(a)(i) on profits earned during the year and filed return of income on 31.12.2018, which is beyond the due date as prescribed as per section 139(1) of the Act, accordingly the assessee is not complying with the condition which are prescribed by section 80AC(ii) of the Act. The Hon'ble Apex Court in the recent decision , settled the law in case of an exemption / deduction clause in a tax statute in the case of Checkmate Services (P.) Ltd 2022 (10) TMI 617 - SUPREME COURT The assessee was required to file its return of income for claiming the deduction u/s 80P(2)(a)(i) of the Act within the due date as per amendment made in the section 80AC of the Act., whereas the assessee has filed return of income on 31.12.2018, which is beyond the due date, therefore the assessee is not eligible for claiming benefit of deduction u/s 80P(2)(a)(i) - The assessee has relied on judgments, which have been quoted in its grounds of appeal, which are not applicable in the present facts of the case. Our view is supported by the judgment of Veerappampalayam Primary Agricultural Cooperative Credit Society Ltd. 2021 (4) TMI 1169 - MADRAS HIGH COURT in which it has been observed that the adjustment can be made u/s 143(1) of the Act. while processing the return of income and the provisions of section 80AC(ii) make it clear that any deduction that is claimed under Part C of Chapter VI-A would be admissible only if the return of income in that case were filed within the prescribed due date. Thus, no claim under any of the provisions of Part C of Chapter VIA would be admissible in the case of a belated return. Thus we hold that the assessee is not eligible to claim deduction as per section 80P(2)(a)(i) of the Act. Accordingly, the grounds raised by the assessee in this regard is dismissed.
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