Assessee filing return for first time in response to notice under Section 148 deduction of claim cannot be denied. Interest earned from funds belonging to members, deduction allowable. Relied Chirakkal Service Co-Operative Bank Ltd. v. CIT(2016) 384 ITR 490 (Ker) (HC) (AY. 2013-14)
ACIT v. Daee Co-Operative T and C Society (2020) 84 ITR 42 (SN) (Chennai)(Trib.)
S. 80P : Co-operative societies-Return filed in response to notice under section 148-Deduction cannot be denied-Interest earned from funds belonging to members-Deduction allowable. [S. 80A(5), 80P(2)(a)(i), 147, 148]