TaxTMI 
TaxTMI 
2018 (7) TMI 656
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....d facts of the case are as follows:- The assessee is a co-operative society. For the assessment years 2012-2013 and 2013-2014, the assessee did not file the returns of income as per the provisions of section 139 of the I. T. Act. Therefore, the Assessing Officer issued notices u/s 148 of the I. T. Act on 31. 03. 2015 for both the assessment years, i. e. , Asst. Years 2012-2013 and 2013- 2014. In response to the notices issued u/s 148, the assessee did not file the returns of income. Therefore, the Assessing Officer completed the assessments u/s 144 r. w. s. 147 by estimating the total income at Rs. 10,78,506 and Rs. 11,59,950 for assessment years 2012-2013 and 2013-2014, respectively. 3. Aggrieved by the assessment orders completed for as....
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....itled to deduction u/s 80P(2) of the I. T. Act irrespective of the fact that the return was filed belatedly. 5. The learned Departmental Representative present supported the orders of the Assessing Officer and the CIT(A). 6. We have heard the rival submissions and perused the material on record. Admittedly in this case, the assessee has not filed the returns of income pursuant to the notices issued u/s 148 of the I. T. Act. Therefore, the assessments were completed u/s 147 r. w. s. 144 of the I. T. Act denying the claim of deduction u/s 80P(2) of the I. T. Act. It is now submitted that the assessee has filed the returns of income for assessment years 2012-2013 and 2013-2014 when the appeals were pending before the Tribunal. The Hon'ble Hi....
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....f 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 subsection 5 of section 80A would operate by itself. In cases where returns have been filed, the question of exemptions or deductions referable to section 80P would definitely have to be considered and granted if eligible. 20. Here, questions would arise as to whether belated returns filed beyond the period stipulated under section 139(1) or section 139(4) as well as following sections 142(1) and 148 proceedings could be considered for exemption. If those r....