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2013 (3) TMI 673 - AT - Income TaxDeduction for income of Co-operative Society u/s 80P - The taxpayer, an agriculture Co-operative society, has not filed the return of income within the due date provided u/s 139(1) or 139(4) of the Act. Though it has filed all the particulars with regard to depreciation. However, the assessing officer without any discussion disallowed part of the depreciation - HELD THAT : - As income tax return was not filed by the taxpayer within due date, he is not eligible for deduction u/s 80P of the Act. Though he submitted the depreciation particulars nothing prevents the A.O. from considering the issue and record reasons for disallowing the depreciation claim of the taxpayer. Disallowance u/s 40(a)(ia) - Non-deduction of TDS on interest u/s 194A(3)(viia) - Taxpayer, an agriculture Co-operative society, was accepting deposits and maintaining savings bank account and current bank account. The taxpayer was also providing cheque facilities to its customers. - HELD THAT : - Taxpayer is engaged in banking activities, hence bound to deduct tax u/s 194A(3)(viia) of the Act.
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