Deciding two connected writ petitions arising from a common Industrial Tribunal Award, the Delhi High Court set aside the Tribunal's direction granting hotel workmen a further…
Labour Laws
06/09/20264 min read
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Benefits of 80P Deduction denied due to Non-filing of Income Tax Returns on Prescribed Time: Kerala HC directs to File ITR [Read Order]
Income Tax
The Kerala High Court ruled that benefits under Section 80P of the Income Tax Act were denied due to late filing of Income Tax Returns (ITR). The Muvattupuzha Agricultural Co-Operative Bank Ltd filed a writ petition contesting an assessment order and notice under Section 148 for AY 2020-2021. \r
The petitioner claimed deductions under Sections 80P(2)(a)(i) and 80P(2)(d). Adv. Jose Joseph, representing the Income Tax Department, stated that returns could be filed until 29.06.2024, and if done so, the assessing authority would consider them. \r
Section 80P is not applicable to all co-operative banks except primary agricultural credit societies or primary co-operative agricultural and rural development banks. Justice Murali Purushothaman directed the petitioner to file returns before 29.06.2024 for assessment under the law.
