Summary
- The ITAT Lucknow has allowed Sahkari Ganna Vikas Samiti Limited's appeal, ruling that the disallowance of its Section 80P deduction for AY 2019-20 was invalid.
- The Tribunal determined that the amendment allowing disallowance for belated returns under Section 143(1)(a)(v) only took effect from April 1, 2021, and thus did not apply to this case.
- The CPC had initially denied the deduction due to a return filed one day late, but the Tribunal emphasized that such adjustments were not permissible for prior assessment years.
- This ruling sets a precedent for similar cases, potentially impacting how deductions are handled for belated returns in future assessments.
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