Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2023 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2023 (2) TMI 314 - AT - Income TaxDelayed filling Return of income or not - Assessee was required to get its accounts audited - Disallowance of deduction u/s.80IA(7) - Non permitting carry forward of current year short term capital loss - Intimation u/s 143(1) - assessee filed return beyond the due date as prescribed u/s 139(1) of the Act - as per CIT-A held the assessee to be disentitled to the benefits on the ground that the extension did not apply to the assessee-HUF - HELD THAT:- Clause (a)(ii) of Explanation 2 to section 139(1) deals with `due date’ as concerning a person other than a company whose accounts are required to be audited under the Act or under any law for the time being in force. The accounts of the assessee were audited, which is an admitted position. CIT(A) has denied the benefit of the Board’s Order by opining that an HUF cannot be considered as a `person’. In our considered opinion, this interpretation is not in accordance with law. Clause (a)(ii) of the Explanation 2 to section 139(1) covers any person whose accounts are required to be audited. Such a `person’ may be Individual, HUF or a Body Corporate etc. Since the assessee- HUF was required to get its accounts audited, the case falls in Explanation 2(a)(ii) to section 139(1), entitling the assessee to the extended date of 31-10-2019. As the return was filed before the extended due date, we hold that the assessee is entitled to the benefit of deduction u/s.80IA(7) and also carry forward of the short term capital loss as discussed above. Assessee appeal is allowed.
|