TMI Blog2022 (10) TMI 1237X X X X Extracts X X X X X X X X Extracts X X X X ..... se of the assessee would also not fall within the purview of prima facie adjustment under section 143(1)(a)(ii) (an incorrect claim, if such incorrect claim is apparent from any information in the return). We also observe that the counsel for the assessee has filed copies of orders passed by Commissioner (Appeals), NFAC in many other cases of cooperative societies having similar issues, in which it has been held that section 143(1)(a)(ii) of the Act does not deal with disallowance of deduction for deed filing of return of income and also the said adjustment is not permissible u/s 143(1)(a)(v) of the Act. We note that the instant case, there was a few-month delay in filing the return of income by the assessee for the assessment year 2019-20 and return of income was filed within due date permissible u/s 139(4) of the Act, in which the claim for deduction u/s 80P of the Act was made. Therefore, looking into the totality of facts, we are of the view that claim of deduction u/s 80P of the Act cannot be denied to the assessee only on the basis that the assessee did not file return of income its return of income within due date u/s 139(1) - Appeal of the assessee is allowed. - SHRI WASE ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ntimation u/s. 143(1) the appellant filed the return of income on 30-11-2020 whereas the extended due date for filing the return was 31-08-2019. As per section 80AC deduction under any provision of the Chapter under the heading C. Deductions in respect of certain incomes shall not be allowed to an assessee unless the assessee furnishes a return of income for such assessment year on or before the due date specified under sub-section (1) of section 139. 5.5 In Right Tight Fastners Pvt. Ltd vs Acit-11(1)(1), Mumbai (ITA No. 3101/Mum/2018, A.Y 2012-13) Hon'ble ITAT D Bench, Mumbai on 11 January, 2021 held - Thus, considering the overall facts and circumstances of the case in the light of the decisions referred to above and more particularly applying the ratio of the decision of the Hon'ble Supreme Court in Dilip Kumar Co. Ors. (supra), we hold that the condition imposed under section 80AC of the Act has to be fulfilled for claiming deduction under 801B(10) of the Act. Since, the assessee has not fulfilled the aforesaid condition, deduction claimed under section 80IB(10) of the Act has been rightly denied by the Departmental Authorities. Accordingly, the order passed by learned ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Rs. 5,13,568/- under section 80P of the Act. The issue for consideration before us is that whether once the return of income is filed beyond the prescribed date under section 139(1) of the Act, can the deduction under section 80P of the Act be denied to the assessee, by way of adjustment under section 143(1) of the Act. On going through the statutory provisions, we observe that 80AC of the Act provides that no such deduction under section 80P of the Act shall be allowed to an assessee unless he furnishes a return of his income on or before the due date specified under section 139(1) w.e.f. assessment year 2018-19 onwards. However, section 143(1)(a)(v) of the Act provides that disallowance of deduction claimed under any of the provisions of Chapter VI-A under the heading C. Deductions in respect of certain incomes (which includes deduction under section 80P of the Act), can be made if the return is furnished beyond the due date specified under sub-section (1) of section 139. This amendment has been introduced w.e.f. 1-4-2021. Accordingly, the above amendment would not apply to the impugned assessment year. Further, section 143(1)(ii) of the Act permits adjustment in case of an i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... income within the date stipulated under section 139(1) of the Act. The Explanation to the said section specifically provides for cases/instances when the claim made by the assessee could be said to be incorrect . Therefore, in our considered view, the case of the assessee would also not fall within the purview of prima facie adjustment under section 143(1)(a)(ii) (an incorrect claim, if such incorrect claim is apparent from any information in the return). We also observe that the counsel for the assessee has filed copies of orders passed by Commissioner (Appeals), NFAC in many other cases of cooperative societies having similar issues, in which it has been held that section 143(1)(a)(ii) of the Act does not deal with disallowance of deduction for deed filing of return of income and also the said adjustment is not permissible under section 143(1)(a)(v) of the Act. 7.3 We note that in the case of Chirakkal Service Co-Operative Bank Ltd. Kannur v. CIT 2016] 68 taxmann.com 298 (Kerala), the Kerala High Court held that a return filed by assessee beyond period stipulated under section 139(1) or 139(4) or under section 142(1) or section 148 can also be accepted and acted upon for enterta ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
