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TMI Blog2017 (1) TMI 451X X X X Extracts X X X X X X X X Extracts X X X X ..... (2016 (4) TMI 826 - KERALA HIGH COURT), had held that primary agricultural credit society, registered under the Kerala Cooperative Societies Act, 1969, is entitled to the benefit of deduction u/s 80P(2). Since there is a certificate issued by the Registrar of Cooperative Societies, stating that the assessee is a primary agricultural 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 Cour ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onfirmed the assessment order by following the order of the Cochin Bench of the Tribunal in the case of M/s Kadachira 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, the assessee preferred further appeal u/s 260A of the Act. The Hon ble Kerala High Court, vide judgment dated 16.6.2016 in ITA N ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re 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 deduction, inter alia, , under any provision of chapter VIA under the heading C- Deductions in respect of certain incomes , no deduction shall be allowed' to him thereunder. Therefore, in cases where no returns have been filed for a particular assessment year, no deductions shall be allowed. This embargo in section 80A(5) would apply, though sectio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... en 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 subjected to first appeal or further appeals under the IT Act or all questions germane for concluding the assessment would be relevant and claims which may result in modification of the returns already filed could also be entertained, particularly when it relates to claims for exemptions. This is so because the finaliy of assessment would not be achieved in all such cases, until the termination of all such appellate remedies. Under such circumstances, the Tribunal was not justified in denying exemption under section 80P of the I T act on the mere ground of belated filing of return by the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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