2026 (1) TMI 1127

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....260A of the Income Tax Act, 1961 [the Act], is filed by the assessee, calling in question the order passed in ITA No. 1344/Bang/2024 dated 17.10.2024, relating to the Assessment Year 2018-19. 2.1 The assessee is a Co-operative Society. It is not in dispute that the assessee failed to file its return of income for the Assessment Year 2018-19 within the time prescribed. The Assessing Officer, based on information relating to cash deposits amounting to Rs.1,09,68,097/- in Chikkamagalur District Central Co-operative Bank Ltd., issued notice under Section 148 of the Act.   2.2 In response to the notice issued under Section 148 of the Act, the assessee filed its return of income on 25.04.2022, admitting 'Nil' income and claiming deduct....

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....umstances of the case, whether the Tribunal was right in ignoring the fact that the Return was filed within the time prescribed after the receipt of notice under Section 148 of the Act. 3. Whether the Order passed by the CIT appeals without giving opportunity of hearing to the Assessee, is in violation of principles of Natural Justice and is liable to be set-aside." 4. Sri. Mahesh R. Uppin, learned counsel appearing for the appellant, submits that although the return of income was not filed within the due date prescribed under Section 139(1) of the Act, the same was filed in compliance with the notice issued under Section 148 of the Act and within the time stipulated therein. It is therefore contended that the requirement of Sec....

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....hes a return of his income for such assessment year on or before the due date specified under sub-section (1) of section 139." 7. In view of the amendment introduced by the Finance Act, 2018 with effect from 01.04.2018, no deduction under any provision of Chapter VI-A under the heading "C" shall be admissible unless the assessee furnishes a return of income for the relevant assessment year on or before the due date specified under sub-section (1) of Section 139 of the Act. 7.1 Section 80P of the Act falls under Chapter VI-A under the heading "C" - Deductions in respect of Certain Incomes. Consequently, any claim for deduction under Section 80P of the Act must necessarily satisfy the mandatory requirement prescribed under Section 80AC ....