2025 (6) TMI 1905

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.... are that the appellant is a cooperative society duly registered under the Kerala Co-operative Societies Act, 1969. It is formed with the object of lending money to its members. No regular return of income was filed under the provisions of section 139(1) of the Income-tax Act, 1961 ("the Act"). However, the Assessing Officer ("the AO") based on the AIMS information that the appellant co-operative society made cash deposits of Rs. 58,01,000 during the demonetization period formed an opinion that the income escaped assessment to tax. The AO issued notice u/s.142(1) of the Act calling upon the appellant to file the return of income for the year. However, the appellant had not complied with the notice u/s.142(1) of the Act. However, the appella....

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....ral credit society. No return of income was filed either under the provisions of sec.139(1) of the Act nor in response to the notice issued u/s.142(1) of the Act. In terms of the provisions of sec.80A(5) of the Act, in order to claim deduction u/s.80P of the Act, it is mandated that the appellant should make the claim in the return of income for deduction u/s.80P of the Act. Since the appellant had not filed the return of income, the provisions of sec.80A(5) of the Act is squarely applicable in view of the ratio laid down by the Hon'ble jurisdictional High Court in the case of Nileshwar Range Kallu Chethu Vyavasaya Thozhilali Sahakarana Sangham v. CIT (2023) 459 ITR 730 (Ker.), wherein the Hon'ble Court held as under:- "11. On a co....

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.... IT Act only if it is made in a return recognised as such under the IT Act, and after 1-4-2018, only if that return is one filed within the time prescribed under section 139(1) of the Act. As the return in these cases, for the assessment years 2009-10 and 2010-11, were admittedly filed after the dates prescribed under sections 139(1) and 139(4) or in the notices issued under section 142(1) and section 148, the returns were indeed non-est and could not have been acted upon by the Assessing Officer even though they were filed before the completion of the assessment. 12. There is yet another aspect of the matter. The requirement of making the claim for deduction in a return of income filed by the assessee can be seen as a statutory pr....