Held that assessee was required to file its return of income within the due date for claiming the deduction, whereas the assessee had filed its return of income on beyond the due date. Therefore, the assessee was not entitled to claim the benefit of deduction under section 80P(2)(a)(i) of the Act. The adjustment can be made while processing the return of income under section 143(1) of the Act. For delay in filing of return liable to pay fee of Rs .5000. (AY. 2018-19)
Syndicate Bank Staff Co-Operative Society Ltd. v. Dy. CIT (2023)101 ITR 46 (SN.)(Bang) (Trib)
S. 80P : Co-operative societies-Delay in filing of return-Failure to file the return on due date-Not entitle to deduction-Adjustment made while processing return of income is valid-Not entitled to deduction-Liable to pay fee of Rs 5000. [S. 80 (P) (2) (A) (i), 80AC, 139 (1), 139(4), 143 (1) (a) ,234F]