Original Return of Income filed before time prescribed u/s 139(1) of Income Tax Act: ITAT allows Claim of Deduction u/s.80JJAA of Act [Read Order]

The Income Tax Appellate Tribunal (ITAT) Mumbai Bench while allowing the claim of deduction under Section 80JJAA of Income Tax Act, 1961 held that original return of income was filed by the assessee before the time prescribed under Section 139(1) of Income Tax Act, 1961. 

The assessee Future Generali India Insurance filed its return of income by claiming deductions under Section 80JJAA of the Income Tax Act . The Centralized Processing Centre in assessment under Section 143(1) of the Income Tax Act has denied the assessee’s claim for the reason that the assessee has filed return of income belatedly.

Aggrieved by the order, the assessee filed an appeal before the Commissioner of Income Tax (Appeal) {CIT(A)}, who upheld the order of the CPC.  Accordingly, against the order the assessee filed an appeal before the tribunal.

During the proceedings, Anish Thacker, the counsel for the assessee submitted that the assessee has already filed return of income on 15.02.2021. The original return of income filed by the assessee dated 15.02.2021 which was filed electronically with the acknowledgement number, and filed within the due date for filing the return of income.

Vranda U. Matkari, the Counsel for Revenue, supported the decision of lower authorities.

It was observed by the tribunal that assessee has filed its original return of income for the A.Y.2020-2021 on 15.02.2021 and subsequently assessee has filed the revised return of income which the Centralized Processing Centre has considered as original return of income.It was observed by them that assessee has filed the return of income belatedly

The tribunal after reviewing the facts and submissions of the both parties the single member bench of Amarjit Singh (Accountant Member) and Amit Shukla (Judicial Member) observed that the assessee has filed the original return of income before the time prescribed under Section 139(1) of the Income Tax Act. Therefore, the assessee is eligible to claim the deduction under Section 80JJAA of the Income Tax Act.

To Read the full text of the Order CLICK HERE

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