80P Deduction cannot be claimed beyond due date of ITR Filing u/s 139(1): ITAT

The Income Tax Appellate Tribunal (ITAT) ruled that deductions under Section 80P of the Income Tax Act cannot be claimed beyond the due date for filing Income Tax Returns (ITR) as prescribed under Section 139(1). The case arose when a cooperative society claimed deductions after missing the ITR deadline. The ITAT reinforced that strict adherence to filing deadlines is crucial for availing of certain tax benefits. This ruling emphasizes the need for timely compliance to avoid losing legitimate tax deductions.