2014 (12) TMI 1265

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....(5) of the Act. 3. The brief facts of the 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. Durin....

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....ns of sec. 80P of the Income Tax Act and hence had 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 retur....