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TMI Blog2019 (10) TMI 235X X X X Extracts X X X X X X X X Extracts X X X X ..... ds, it is noticed that the only grievance of the Assessee relates to the rejection of claim under section 80IC of the Income Tax Act, 1961 (hereinafter referred to as 'Act'), for the reason that the return of income was filed late and not under section 139(1) Act. 4. Facts of the case in brief are that the assessee e-filed the return of income on 26/03/2011 showing NIL income after claiming deduction under section 80IC of the Act amounting to Rs. 1,19,92,957/- which was processed under section 143(1) of the Act, and the claim of the assessee was rejected for the reasons that the original return was not filed within the time allowed under section 139(1) of the Act. Later on the case was selected for scrutiny. The assessee claimed the deduction under section 80IC of the Act and submitted that the provisions of Section 139(1) of the Act may be read alongwith the provisions under section 139(4) of the Act. The A.O. however, did not find merit in the submissions of the assessee and disallowed the claim by observing that the provisions of Section 80AC of the Act clearly states that no deduction under section 80IC of the Act will be allowed if the return of income is not furnished on or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... et etc. Consequently, the occasion to consider the possibility and the opportunity to interpolate and fudge up the claim was admittedly not available to the assessee. We note that the respective corresponding figures qua the claim as per the Reports and Balance Sheets remain the same. The legal position referring to various case laws have been addressed by the authorities which we have elaborately discussed in the earlier part of this order. On consideration thereof, we find that the daim of the assessee that in the peculiar facts and circumstances of the present case where the filing of the return was delayed for reasons not attributable to the assessee and all other supporting evidences in the form of audit report u/s 80IC, balance sheet prepared for the purpose of income tax and the requirements of various regulatory authorities were prepared and filed well within time whereas we have noted the figures and amounts in these two fully tally in the light of these facts when considered in context of the principles enunciated by the Courts and the Tribunal, we concur with the arguments that literal interpretation is to be given to the procedural requirements in as much as these provi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Bhalotia and his son who were having minor shareholding in M/s Saitech, the routine exercise normally done by the Tax Consultant without any follow up or supervision as digital signatures had been entrusted to the tax consultant for uploading of documents etc. in the Income Tax Portal, the mischief was occurred. For ready reference, the contents of the affidavit on record are reproduced hereunder: AFFIDAVIT I , Jagbir Singh s/o Sh. Om Pal, Managing Director of Symbiosis Pharmaceuticals (P) Ltd., having its Regd. office at SCO 4, Ground Floor, 14, Raghunath Puri, Yamuna Nagar, do hereby solemnly affirm and declare as under: 1. That I am Managing Director of the Company Symbiosis Pharmaceuticals (P) Ltd., Yamuna Nagar. 2. That, the Balance Sheet along with annexures of Symbiosis Pharamaceuticals P Ltd for the year ending 31.3.2013 was signed by the authorized directors and Auditors on 09.08.2013 and the said balance sheet was adopted by the Board of the company. On this very date i.e. 09.08.2013 we handed over the Digital Signatures of the Deponent to our auditor and Tax.Consultant CA A.S. Malhotra for filing Income Tax return and other reports on the Income Tax portal as re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ias had filed the case only in July 2015 after we issued Seventy six lakh shares of "Saitech Medicare Private Limited" to Symbiosis Pharmaceuticals (P) Ltd. He was showing his grievances against the allotment since last more than one year before the allotment on some technical grounds which only a professional like a Chartered Accountant is in position to guide. Due to the case filed with Company Law Board; which case has since been transferred to National Company Law Tribunal, Chandigarh Bench in February, 2017; we had not been able to hold AGM of "Saitech Medicare Private Limited" since 2015. Whenever we tried to hold AGM; Mr. Bhalotia invoked CLB which restrained us from holding AGM and ultimately we had to give an undertaking to the CLB of not holding any AGM without its permission. 7. That we are not conversant with the Income Tax Act, 1961 hence we had to rely on our consultants. As is a normal practice; Income Tax Consultant prepares and file ITRs on behalf of the assessee. We were also following the instructions of our Tax Consultant and late filing of ITR was not due to any fault of any of the officer of the Company but due to our Tax Consultant. 6.5 Accordingly, in th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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