Audit Report for 80IC filed in time but return filed late: 80-IC allowed by ITAT

ITAT Relied upon following decisions:

• Jagriti Aggarwal (P&H): Due date for furnishing the return of income as per Section 139(1) of the Act is subject to the extended period provided under sub-section (4) of Section 139 of the Act

 

• Hansa Dalakoti (ITAT Del): Audit Report for 80IC filed in time but return filed late: 80-IC

 

 

• Fiberfill Engineers(ITAT Del):. Section 139(4) is to be allowed as proviso to Section 139(1)

 

• Bajaj Tempo Ltd.(SC): incentive provision has to be interpreted in a manner so as to advance the objects of economic activities in the country and not to deny the claim merely on technical grounds

 

 

• Poddar Pigments Ltd (Del HC): Claim u/s 80IB had not been made in the original return and the time period for filing of the revised return had also lapsed. The assessee preferred an application u/s 264 for condoning the delay. The Court held that “delay occurred due to bona fide reasons and there is no mala fide intent of the assessee in delaying in filing of the revised return”.

 

• Venktiah(Hyd Bench) Delay in filing of return due to loss of computer data condoned and 80-Ic deduction allowed. Confirmed by the Hon’ble High Court of Andhra Pradesh vide order dated 26.06.2013

 

 

• Dhir Global Industries (P.) Ltd.(ITAT Delhi): claim of deduction u/s 10B, the claim had been allowed by the ITAT holding that delay in late filing the return is reasonable.

 

• Rajwinder Kaur Maha (ITAT Chd): Heera Moti Agro Industries: Delay in filing of return because copies of seized documents were not made available to the assesse. Hence 80-IC deduction should be allowed

Symbiosis Pharmaceuticals (P.) Ltd. [2017] 87 taxmann.com 32 (Chandigarh – Trib.) 04-10-2017