9911796707
TMI Blog2014 (12) TMI 1265X X X X Extracts X X X X X X X X Extracts X X X X ..... case are that the assessee is a Co-operative Bank registered under the Kerala Co-operative Societies Act, 1969. Since the assessee had failed to file return of income for the assessment year 2010-11, the Assessing officer issued notice u/s. 142(1) requiring the assessee to file the return of income. However, the assessee neither complied with this notice nor filed return of income in terms of sec. 139(1) or 139)4) of the Act and hence, the Assessing officer proceeded to initiate best judgment assessment 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 to complete the assessment u/s. 144 of the Act. During the course of assessment proceedings, the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not been filing the return of income. However, the Assessing officer issued notice u/s. 142(1) on 08-02-2012 requiring the assessee to file the return of income for the assessment year 2010-11 on or before 22-02-2012. The Ld. AR submitted that the assessee could not receive the statutory audit report from the Co-operative Department and therefore, the assessee requested for granting one month time to file the return of income. The Ld. AR submitted that by the time the audit report was received on 23-05-2012, the date for filing the return of income for the assessment year 2010-11 expired and the assessee was not informed that the exemption under section 80P will be granted only if the return is filed in time. Since the audit report was not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vs ITO (2013) 153 TTJ (Cochin) 129 after considering the provisions of section 80A(5) and the judgment of the Apex Court in Prakash Nath Khanna & Another vs CIT (2004) 266 ITR 1 (SC) found that the assessee is not eligible for exemption u/s 80P unless return is filed either u/s 139(1) or 139(4) or within the time provided by the assessee in the notice issued u/s 142(1) of the Act or u/s 148 of the Act and a claim was made for deduction u/s 80P of the Act. In view of the above, , this Tribunal do not find any infirmity in the order of the lower authority." 9. To be consistent with the view taken by the Tribunal, we are inclined to dismiss this ground of the assessee. 10. In the result, the appeal filed by the assessee is dismissed. Pronou ..... X X X X Extracts X X X X X X X X Extracts X X X X
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