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. (AY. 2018-19)
Syndicate Bank Staff Co-Operative Society Ltd. v. Dy. CIT (2023)101 ITR 46 (SN) (SMC) (Bang) (Trib)
S. 80AC : Return to be furnished-Co-operative society-Return to be filed within due date-Failure of-Not entitled to deduction-Adjustments to be made while processing return of income. [S. 80 (P) (2) (a) (i), S. 139 (1), 139 (4), 143 (1) (a)]