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2022 (11) TMI 1174 - AT - Income TaxDeduction u/s. 80P(2)(a)(i) and 80P(2)(d) - Failure to file its returns for the impugned assessment years before the prescribed due date u/s.139(1) of the Act as on 31.08.2018 and 31.08.2019 assessment year wise, respectively - HELD THAT:- No merit in Revenue’s arguments seeking to invoke section 139(1) Explanation-2 (c) of the Act. A perusal thereof makes it clear that it is in the nature of residuary clause dealing with “any other assessee” whereas this taxpayer is found to be covered u/s. 139(1) Explanation-2(a)(ii) thereof as applicable in case of “a person [other than company] whose accounts are required to be audited under this Act or under any other law for the time being in force” since it is liable to be audited under the state cooperative law. Faced with the situation, reverse both the lower authorities action applying section 80AC of the Act in assessee’s cases in principle and restore this sole substantive grievance back to the Assessing Officer for his afresh adjudication as per law on merits.
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