Home Highlights February 2014 Year 2014 This

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1. Allowability of deduction u/s 80IB, if the return is not filed u/s 139(1) but u/s 153A – The rider provided in section 80AC does not apply to the present cases, as the...

2. Deduction u/s 80P - there was a few-month delay in filing the ITR by the assessee and ITR was filed within due date permissible u/s 139(4) of the Act, in which the claim...

3. Claim of depreciation at higher rate - failure to file return of income (ITR) within the time limit prescribed u/s 139(1) - since the return was filing within the...

4. Deduction u/s 80P - return of income was not filed within the due date prescribed u/s 139(1) - looking into the totality of facts, we are of the view that claim of...

5. Revised return - original return of income was filed within time - Revised return is a loss return which should have been filed within the time specified u/s 139(3) of...

6. Deduction u/s.54B - Claim denied which was not claimed by the assessee while filing the return - The assessee at the time of filing of his returns of income u/s. 139(1)...

7. Denial of deduction u/s 80P by invoking section 80A(5) – the belated return filed beyond the time limit provided u/s 139(1) or 139(4) or time specified in notice u/s...

8. Claim of deduction u/s 80IC - claim of deduction u/s 80IC to the assessee cannot be denied simply because such a claim was not made in the return field u/s 139 (1)...

9. Validity of revised return filed vis-a-vis claims made thereunder - revised return treated as non-est - the appellant filed his original return otherwise than u/s 139(1)...

10. Carrying forward the loss u/s 72 r.w.s 80 - If the return is filed by the assessee within the reasonable time permitted by such notice u/s 153A(1)(a), such return would...

11. Deduction u/s. 80IB(10) - non filling of return on time - the ITAT held that the return filed beyond the due date cannot claim deduction under section 80IB(10) as per...

12. Penalty u/s.271AAB - Belated filing of regular return after search - Penalty cannot be levied u/s.271AAB of the Act, in respect of income disclosed in regular return of...

13. Deduction u/s 54F - amount not deposited within time limit u/s. 139(1) but purchase flat before the extended time of filing of return u/s. 139(4) - assessee is entitled...

14. Disallowance of setting off of the carried forward loss - return filed beyond the due date specified under subsection (1) of section 139 - It was argued that the delay...

15. Constitutional validity - Section 80A(5) bars and prohibits the assessee from claiming the deduction u/s 10A and 10B and Chapter VIA if no such claim was made in the...