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2022 (7) TMI 861 - AT - Income TaxDeduction u/s 80IB - Non filling of return of income before due date - HELD THAT:- As relying on case M/S VANSHEE BUILDERS & DEVELOPERS P. LTD. [2012 (12) TMI 1056 - ITAT BANGALORE] the provisions u/s. 80AC of the Act requiring the assessee to furnish return of income before the due date specified u/s. 139(1) of the Act is mandatory and not directory. Therefore, we hold the assessee is not eligible for deduction u/s. 80IB(7) of the Act. For the AY 2008-09, the assessee filed its return of income on 20.3.2009 declaring an income of Rs.1,93,37,543 after claiming deduction of Rs.82,87,519 u/s. 80IB(7) - The facts for this year being identical with AY 2007-08, we hold that the assessee is not eligible for deduction u/s. 80IB(7) - During the course of haring, the ld. AR submitted that the assessee had made an application before the CBDT u/s. 119(2B) of the Act for condonation of delay in filing the return by the assessee. Accordingly, we direct the AO to decide the issue in accordance with law pursuant to the CBDT directions.
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