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2014 (11) TMI 1108 - ITAT COCHINAddition u/s 40(a)(ia) - Held that:- We are of the opinion that Section 40(a)(ia) would cover not only to the amounts which are payable as on 31st March of a particular year but also which are payable at any time during the year. Of course, as long as the other requirement of the said provision exist. In that context, in our opinion the decision of the Special Bench of the Tribunal in the case of M/s Merilyn Shipping & Transports vs ACIT (2012 (3) TMI 402 - ITAT VISAKHAPATNAM), does not lay down correct law. Deduction u/s 80P - assessee has not filed any return of income within the time allowed either u/s 139(1) or 139(4) or within the time allowed by the assessing officer u/s 142(1) - Held that:- This Tribunal, in the case of M/s Kadachira Service Co-operative Bank Ltd & Ors vs ITO (2013 (2) TMI 208 - ITAT COCHIN ) after considering the provisions of section 80A(5) and the judgment of the Apex Court in Prakash Nath Khanna & Another vs CIT (2004 (2) TMI 3 - SUPREME Court ) found that the assessee is not eligible for exemption u/s 80P unless return is filed either u/s 139(1) or 139(4) or within the time provided by the assessee in the notice issued u/s 142(1) of the Act or u/s 148 of the Act and a claim was made for deduction u/s 80P of the Act. In view of the above, this Tribunal do not find any infirmity in the order of the lower authority.
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