Delay in IT return filing condoned

The Madras High Court granted relief to a large number ofPrimary Agricultural Cooperative Credit Societies by setting aside orders rejecting their applications for condonation of delay in filing income tax returns. 

The Court held that denial of deductions under Section 80P solely on account of delayed filing of returns amounted to elevating procedural requirements over substantive entitlements. 

Recognising the genuine hardships faced by cooperative societies, particularly due to delayed statutory audits and transitional compliance challenges following amendments to the Income-tax Act, the Court adopted a liberal approach and directed that the delay in filing returns be treated as condoned.