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2018 (11) TMI 1885 - AT - Income TaxDeduction claimed u/s 80IB(10) - AO disallowed the said deduction by holding that the assessee is merely an owner and not a developer and therefore not qualified for seeking deduction - HELD THAT:- Section 80IB(10) of the Act clearly speaks about the deduction “in the case of an undertaking developing and building housing project” and such a development of housing project is not possible without contribution of land and specified pre-approved sanction. In the present case the process of acquisition of land by the assessee, conversion from agricultural to non-agricultural, seeking statutory approvals by the assessee for the purpose of construction of dwelling units/houses for weaker sections from the Government of Maharasthra, appropriate plan sanctions, and finally the grant of bare permission and licence to the developer to enter upon the property for construction of the said building was also falls within the ambit of “undertaking of development and building housing projects‟. Therefore, in this way we are of the considered view that the assessee is entitled for seeking deduction under section 80IB(10) of the Act. Therefore, in view of the above discussion we set aside the order of the CIT(A) holding that the assessee is not entitled for deduction under section 80IB(10) of the Act. Whether assessee is not entitled to deduction u/s. 80IB in view, inter alia of the provisions of Section 80AC wherein it is provided that the assessee is required to file return of income on or before the date specified in Section 139(1)? - As identical issue has already been decided in the case of Uma Developers ( [2016 (9) TMI 992 - ITAT MUMBAI] wherein it was categorically held that the claim of the assessee cannot be disallowed under section 80IB(10) of the Act only on the ground that the return of income was filed beyond the period stipulated under section 139(1) of the Act in view of the provisions of Section 80AC of the Act as the same is beyond the scope of Section 139(1) of the Act the submission of return within time as specified under sub section (4) of section 139 has to be taken as sufficient compliance for the provision of the Income Tax Act, 1961, as it was expounded that the sub section (1) and sub section (4) of section 139 have to be read together. Hence, it is the inevitable conclusion that the return of income filed within the time specified in sub-section (4) has to be considered as having been filed within the time prescribed in sub section (1) of Section 139 of the Act - See TRUSTEES OF TULSIDAS GOPALJI CHARITABLE AND CHALESHWAR TEMPLE TRUST VERSUS COMMISSIONER OF INCOME-TAX [1993 (9) TMI 75 - BOMBAY HIGH COURT]
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