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TMI Blog2017 (3) TMI 1478X X X X Extracts X X X X X X X X Extracts X X X X ..... e Hon’ble High Court, in assessee’s own case and other batch of cases, 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, we 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 416/Coch/2014 - - - Dated:- 13-3-2017 - SHRI ABRAHAM P GEORGE, AM GEORGE GEORGE K, JM For The Assessee : Sh C BM Warrier, CA For The Revenue : Shri A Dhanaraj, Sr DR ORDER PER GEORGE GEORGE K,JM: This appeal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 260A of the Act. The Hon ble Kerala High Court, vide judgment dated 16.2.2016 in ITA No. 227 of 2015, restored the matter to the Tribunal. It is in this context, the case was heard on 13th March 2017. 6. We have heard the rival parties and perused the material on record. As regards the belated filing of return, the Hon ble High Court in the case of Chirakkal Service Co-op Bank Ltd vs CIT reported in 384 ITR 490 has decided the issue in favour of the assessee. The Hon ble High Court had held that the Tribunal was not justified in denying 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 T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 section 80p 1 S not included in section 80AC. This is so because, the inhibition against allowing deduction is worded in quite similar terms in sections 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 de ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... edies. 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 assessee concerned. A return fi1ed by the assessee beyond the period stipulated under section 139(1) or 139(4) or under section 142(1) or section 148 can also be accepted and acted upon provided further proceedings in relation to such assessments are pending in the statutory hierarchy of adjudication in terms of the provisions of the IT Act. In all such situations, it cannot be treated that a return filed at any stage of such proceedings could be treated as non-est in law and invalid for the purpose of deciding exemption under section 80p o the IT Act. We thus, answer sub ..... X X X X Extracts X X X X X X X X Extracts X X X X
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