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2015 (8) TMI 647 - AT - Income TaxRevision u/s 263 - issue of applicability of claim of deduction under section 80IC not examined by AO - Held that:- The language of Section 80AC is negatively worded in as much as it provides in clear terms that deduction u/s 80IC shall not be allowed if the return of income containing such claim is not furnished by the due date specified in Section 139(1). In the face of such clear language of Section 80AC, there can be no hesitation in holding that the provisions of section 80AC are mandatory in nature and therefore failure to furnish the return of income filed in due date specified in Section 139(1) would disentitle the assessee from the claim of deduction u/s 80IC. It is admitted fact that return of income filed by assessee was late. Therefore, the Assessing Officer should have examined this aspect at the stage of assessment while granting deduction to the assessee. Since the Assessing Officer has not examined this aspect of late return filed by the assessee, therefore, Ld. Commissioner of Income Tax was justified in invoking jurisdiction under section 263 of the Act and was justified in holding that the assessment order is erroneous as wel l as prejudicial to the interest of revenue. The Ld. Commissioner of Income Tax, therefore, rightly directed the Assessing Officer to pass fresh assessment order in accordance with law. The appeal of the Act has no merit and the same is accordingly, dismissed. - Decided against assessee.
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