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

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.

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.