https://www.taxtmi.com/caselaws?id=253526 The Tribunal upheld the denial of deduction under Section 80P of the Income Tax Act due to the Co-operative Bank's failure to file the return of income within specified time limits. It emphasized the mandatory nature of timely filing for claiming deductions, as per Section 80A(5) and relevant case law. The Tribunal clarified that belatedly filed returns cannot be regularized through a notice under Section 148 when assessment proceedings are already pending. Consequently, the appeal was dismissed, affirming the importance of adhering to prescribed timelines for claiming deductions under Section 80P. en-us Fri, 21 Nov 2014 00:00:00 +0530 Thu, 27 Nov 2014 06:33:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=253526 The Tribunal upheld the denial of deduction under Section 80P of the Income Tax Act due to the Co-operative Bank's failure to file the return of income within specified time limits. It emphasized the mandatory nature of timely filing for claiming deductions, as per Section 80A(5) and relevant case law. The Tribunal clarified that belatedly filed returns cannot be regularized through a notice under Section 148 when assessment proceedings are already pending. Consequently, the appeal was dismissed, affirming the importance of adhering to prescribed timelines for claiming deductions under Section 80P. Case-Laws Income Tax Fri, 21 Nov 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=253526