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2013 (7) TMI 358 - KARNATAKA HIGH COURTCondonation of delay – delay in filing of returns – Held that:- The explanation that it had no expertise in the field of income tax and the refunds of tax deducted at source by the customers who purchased the agricultural produce of farmer members. Regard being had to the nature of business of the petitioner and the persons managing the Co-operative Institution, the Explanation offered cannot, but be said to constitute sufficient cause to condone the delay and therefore, its rejection is perverse. Deduction u/s 80P(2)(iii) - the assesse is into the activity of the sale of agricultural produce of its members is the only source of income – Held that:- He would be entitled to a deduction under Section 80P (2)(iii) of the Act, but it is for the department to process the return filed by the petitioner and effect refund, if the assesse is entitled to in law - If in the processing of the return, it is found that the petitioner is liable to be charged to tax and a demand raised, it is needless to state that the petitioner cannot advance the plea of limitation in the matter of recovery of the said tax – appeal decided in the favor of the assesse.
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