Condonation of delay for cooperative societies

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Chandra Kala (Querist)
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26 March 2024 Return for the A.Y.2018-2019 of Cooperative Credit Society has been lately submitted. Whether it is possible to claim condonation under circular no.13/2023, dt:26/07/2023 of CBDT after submission of return if assessment has been completed without allowing deduction u/s 80P(2)(a)(i) of the IT Act.

CA Kushwanth AVSR

CA Kushwanth AVSR (Expert)
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26 March 2024 These are the exact wordings given by the IT department in another case -

"In your case, if the Hon’ble CCIT, Hyderabad deems it fit to condone the delay in filing the
return in your case, then you will stand eligible for claiming deduction u/s 80P of the Act. If, no such
delay is condoned then this office will be constrained to pass the assessment order disallowing your
claim of 80P as mentioned in the Show Cause Notice issued.

In case you are unable to provide any favorable order from the Hon’ble CCIT, Hyderabad
before this office passes the assessment order based on available facts, you have the option to file
revision petition u/s 264 before the Ld. PCIT."

Hence, make an applcation under circular 13/2023 and if there is a favorable order, then make an applcation u/s 264

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