https://www.taxtmi.com/caselaws?id=253585 The Tribunal upheld the denial of deduction under section 80P for a cooperative bank due to failure to file returns within the specified time. It ruled that cooperative societies are not exempt from filing returns unless notified otherwise. The principle of mutuality did not apply as the bank's operations resembled those of an ordinary bank. Belated returns were not considered for deductions under section 80P, emphasizing the legislative intent to prevent misuse. The Assessing Officer lacked jurisdiction to issue a notice under section 148 to regularize belated returns. The appeals were dismissed, highlighting the necessity of adhering to statutory requirements for tax deductions. en-us Fri, 21 Nov 2014 00:00:00 +0530 Fri, 28 Nov 2014 10:36:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=253585 The Tribunal upheld the denial of deduction under section 80P for a cooperative bank due to failure to file returns within the specified time. It ruled that cooperative societies are not exempt from filing returns unless notified otherwise. The principle of mutuality did not apply as the bank's operations resembled those of an ordinary bank. Belated returns were not considered for deductions under section 80P, emphasizing the legislative intent to prevent misuse. The Assessing Officer lacked jurisdiction to issue a notice under section 148 to regularize belated returns. The appeals were dismissed, highlighting the necessity of adhering to statutory requirements for tax deductions. Case-Laws Income Tax Fri, 21 Nov 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=253585