ITAT: IT Return Filed After Due Date Deductions Denied U/S 80AC

The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) refused the claim towards the deduction as the ITR was not able to furnish post to the last date specified under Section 80AC of the Income Tax Act 1961.

The assessing officer does not permit the claim for the deduction under Section 80P(2)(d) of the Income Tax Act, 1961 since the applicant, Janki Vaishali Co-operative Housing Society Limited does not furnish ITR on the given due date as defined under Section 139(1) of the Income Tax Act.

The advantage of section 80P of the income tax act was not permitted to the taxpayer since the last date of income return for the AY 2018-19 was 31/10/2018 in the view of the assessing officer, though it was furnished via taxpayer on 24/12/2018.

For the department, Beena Santosh repeated the decision of the Commissioner of Income Tax Appeals (CIT(A)), the taxpayer is not qualified for the deduction u/s 80P of the Income Tax Act under provisions of section 80AC of the Income Tax Act.

The tribunal of Vikas Aswathi sustained the decision made by the Commissioner of Income Tax Appeals (CIT(A)) and refused the petitioner’s plea as seen that in place of section 80AC of the income tax act post revision specified that the section 80P of the Income Tax Act had all the limitation on the impugned year as well as the impugned section, the tribunal has refused the deduction.