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2014 (8) TMI 674 - AT - Income TaxAllowability of deduction u/s 80IC – E-return filed after due date u/s 139(1) – Held that:- The manual filing of return before 30-09-2010 has not been denied by the Revenue - The AY. 2010-11 was the first AY from which furnishing of return in electronic mode was made mandatory - The accountants/tax consultants of the assessee may be due to oversight missed the amendment in the Rules - Since manual return of income was furnished well before the due date, the assessee has complied with the substantive provisions of the Act - deduction u/s.80-IC cannot be denied for the reason that return of income in ‘e-mode’ is not filed in time - the assessee is entitled to claim deduction u/s.80-IC of the Act, if otherwise it has complied with the conditions laid down u/s.80IC - the authorities below have not examined genuineness of the claim of the assessee u/s.80-IC – thus, the matter is remitted back to the AO for re-consideration of the claim of the assessee u/s.80-IC. - Decided in favor of assessee. For the AY 2011-12 - AY.2010-11 was the first year in which, furnishing of return electronically under digital signature was made mandatory. There were chances that the tax consultants may not be aware of the amended provisions in the first AY. The benefit of ignorance of tax consultants was given to the assessee in AY.2010-11. After committing the mistake once, if the same mistake is committed again in the next AY, it is un-pardonable. We are of the opinion that the assessee does not deserve any clemency. The assessee has not complied with the provisions of section 80AC and is thus not eligible to claim deduction u/s.80-IC. - The Income Tax Rules have been amended thereafter in the year 2010 - As per the amended provisions of Rule 12(3)(ab) w.e.f. 09-07-2010, a company is required to furnish return of income for AY.2010-11 and subsequent AYs electronically under digital signature – Decided in favour of Revenue.
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