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2017 (5) TMI 1473 - HC - Income TaxDeduction u/s 80IC - filing of return of income within limit limit u/s 139 - time-limit prescribed under Section 80AC. Held that:- Following questions are framed for determination: “A. Whether the ITAT was correct in law to allow the deduction claimed by the assessee u/s 80 IC of the Act when the filing of return was admittedly delayed and was against the clear provision of section 80 AC of the Act which stipulates that any deduction u/s 80IC of the Act shall not be allowed if the return of income is filed after the due date as specified u/s 139 (1) and in the case of the assessee the return was filed u/s 139 (4) of the Act which is attracted in case of delayed filing of return? B. Whether the time-limit prescribed under Section 80AC for claiming any deduction under Section 80IC i.e. on or before the due date specified under Section 139(1) of the Income Tax Act is directory or mandatory?”
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