\u00a0<\/p>\n
Tribunal held that CPC\u2019s power to deny claim for deduction under s. 80P by virtue of the application of s. 80AC(ii) became effectively operational from 1st April, 2021, irrespective of the assessment year to which such a belated return relates, since the assessee’s return was processed under s. 143(1) on 25th Nov., 2021, i.e., much after 1st April, 2021, the CPC did neither traverse nor exceed its jurisdiction in disallowing the assessee\u2019s claim for deduction under s. 80P by applying the provisions of s. 80AC(ii) and, therefore, the tax authorities rightly denied to rectify the denial of deduction by reversal under s. 154.(AY. 2020-21)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 154: Rectification of mistake-Mistake apparent from the record-Assessment-Prima facie adjustment under s. 143(1)(a)-Co-Operative society]-Denial as was authorised by Finance Act, 2021 was well within the provisions of law-Adjustment was held to be valid]-Rejection of rectification application was held to be justified. [S.80AC(ii), 80P, 143(1)(a)(v)] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[21],"tags":[],"class_list":["post-61905","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-g6t","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/61905","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=61905"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/61905\/revisions"}],"predecessor-version":[{"id":61906,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/61905\/revisions\/61906"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=61905"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=61905"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=61905"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}