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2017 (1) TMI 451 - ITAT COCHIN

2017 (1) TMI 451 - ITAT COCHIN - TMI - Disallowance of claim of deduction u/s 80P by invoking the provisions of section 80A(5) - belated filing of return of income - Held that:- The belated filing of return of income by the assessee does not disentitle it from the benefit of deduction u/s 80P(2) of the Act. Further, the assessee, in the instant case, is a primary agricultural credit society registered under the Kerala Cooperative Societies Act, 1969. The certificate has been issued by the Regist .....

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ltural credit society, hold that the assessee is entitled to the benefit of deduction u/s 80P(2) of the Act - Decided in favour of assessee - ITA No 395/Coch/2014 - Dated:- 3-1-2017 - Shri George George K, Judicial Member Assessee By : Sh A V Muraleedharan Revenue By : Sh A Dhanaraj, SR DR ORDER Per George George K, JM This appeal is restored to the Tribunal by the Hon ble Kerala High Court vide judgment dated 16th June 2016 in ITA no.72 of 2015. 2 Brief facts of the case are as follows: The ass .....

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ssment u/s 144 of the Act as per the notice issued u/s 142(1) of the Act. Accordingly, the Assessing Officer called for details, which were required by her to complete the assessment u/s 144 of the Act. During the course of assessment proceedings, the assessee filed a return of Income on15.2.2013, which was beyond the time allowed u/s 139 and the time given in notice u/s142(1) and, therefore, the Assessing Officer treated the same as invalid. On the basis of materials gathered during the course .....

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Service Co-operative Bank Ltd. Vs ITO ( 153 TTJ 129(Cochin). 4 Aggrieved by the above order of the CIT(A), the assessee preferred appeal to the Tribunal. The Tribunal vide order dated 5.12.2014 disposed off the appeal of the assessee. The Tribunal held that since the return was not filed within the time prescribed u/s 139(1)or u/s 139(4), the assessee was not entitled to the benefit of deduction u/s 80P of the Act in view of section 80A(5) of the Act. 5 Aggrieved by the order of the Tribunal, t .....

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the benefit of exemption u/s 80P of the Act on the mere ground of belated filing of return of income. The Hon ble High Court was considering the following substantial question of law: B Whether the Tribunal is justified in denying the exemption u/s 80P of the I T Act 1961 on the mere ground of belayed filing of return by the assessee? C. Whether a return filed by the assessee beyond the period stipulated u/s 139(1)/(4) or section 142(1)/148 can be held as non-est in law and invalid for the purpo .....

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urns were not filed. There are cases where claims have been made along with the returns and the returns were filed within time. Still further, there are cases where returns were filed belatedly, that is to say, beyond the period stipulated under sub section 1 or 4 of section 139; and there are also returns filed after the period with reference to sections 142(1) and 148 of the I T Act. 19. Section 80A(5) provides that where the assessee fails to make a claim in his return of income for any deduc .....

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ctions 80A(5) and 80AC, of which section 80A(5) is a provision inserted through the Finance Act 33/2009 with effect from 1.4.2013 after the insertion of section 80AC as per the Finance Act of 2006 with effect from 1.4.2006. This clearly evidences the legislative intendiment that the inhibition contained in sub section 5 of section 80A would operate by itself. In cases where returns have been filed, the question of exemptions or deductions referable to section 80P would definitely have to be cons .....

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rt of the returns so filed, for due consideration. 21 When a notice under section 142(1) is issued, the person may furnish the return and while doing so, could also make claim for deduction referable to section 80P. Not much different is the situation when pre-assessment enquiry is carried forward by issuance of notice under section 142 (1) or when notice 1 s issued on the premise of escaped assessment referable to section 148 of the IT Act. This position notwithstanding, when an assessment is s .....

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