Summary
- The Madras High Court ruled that a Primary Co-operative Society cannot be denied the deduction under Section 80P solely due to a belated income tax return filing.
- The court quashed the Chief Commissioner's order, allowing the society to claim deductions despite filing its return for AY 2020-21 on December 26, 2023, well past the statutory deadline.
- This decision acknowledges extraordinary circumstances from the COVID-19 pandemic and aligns with CBDT’s special condonation framework for co-operative societies.
- The ruling sets a precedent that substantive benefits under tax laws should not be forfeited due to delays, reinforcing protections for co-operative entities moving forward.
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