9911796707
TMI Blog2013 (3) TMI 673X X X X Extracts X X X X X X X X Extracts X X X X ..... R. 4. Admittedly, the taxpayer has not filed the return of income within the due date provided u/s 139(1) or 139(4) of the Act. The return was not filed even within the time prescribed u/s 142(1) of the Act. It is brought to the notice of this bench of the Tribunal that an identical issue was considered by this bench of the Tribunal in the case of Kadachira Service Co-operative Bank Ltd & Ors in ITA No.251/Coch/2012 & ors order dated 31-01-2013 and this Tribunal found that when the return was not filed within the due date provided u/s 139(1) or 139(4) or within the time limit prescribed in the notice u/s 142(1) or 148 the taxpayer is not eligible for deduction u/s 80P of the Act, in view of the specific provisions of section 80A(5) of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... finding with reasons as to why he disallowed part of the depreciation. Since the assessing officer has not applied his mind, this Tribunal is of the considered opinion that the matter needs to be dealt with by the assessing officer. The taxpayer claims that he has filed all the details before the assessing officer. Therefore, nothing prevented the assessing officer from considering the issue and record reasons one way or the other for allowing or disallowing the claim of the taxpayer. In view of the above, the orders of the lower authorities are set aside and the issue of depreciation is restored to the file of the asessing officer. The assessing officer shall examine the issue in the light of materials filed by the taxpayer and thereafter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... carrying on the banking activity though in violation of the RBI guidelines, still, under the Income-tax Act, the taxpayer is bound to deduct tax u/s 194A of the Act. 11. We have considered the rival submissions on either side and also perused the material available on record. In the case of Kadachira Service Co-operative Bank Ltd (supra), this Tribunal found that the taxpayers were not carrying on any banking activity and, therefore, they are agricultural cooperative societies. In view of the specific provisions exempting the agricultural co-operative societies from deduction of tax in respect of agricultural co-operative societies this Tribunal found that section 194A(3)(viia) is not applicable to agricultural co-operative societies. In ..... X X X X Extracts X X X X X X X X Extracts X X X X
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