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2015 (3) TMI 1351 - ITAT COCHINDeduction u/s 80P - returns of income were not filed by the assessee either u/s 139(1) or u/s 139(4) or within the time limit provided u/s 142(1) - HELD THAT:- This Tribunal examined the issue elaborately in the case of Kadachira Service Co-operative Bank [2013 (2) TMI 208 - ITAT COCHIN] , M/s Kunnamangalam Co-operative Bank [2014 (10) TMI 350 - ITAT COCHIN] and M/s Pinarayi Service Cooperative Bank Ltd [2014 (7) TMI 1176 - ITAT COCHIN] and found that if the assessee failed to file the return of income within the prescribed time and claim deduction u/s 80P, then the assessee is not entitled for deduction u/s 80P. Disallowance u/s 40(a)(ia) - interest was paid to non members without deducting tax - HELD THAT:- Assessee is carrying on banking activity. Therefore, deduction of tax at source either at the time of credit or payment of interest is a mandatory requirement. Hence, this Tribunal do not find any infirmity in the order of the lower authority. Accordingly, the orders of the CIT(A) on this issue are also confirmed. Assessee's appeal dismissed.
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