INCOME TAX ACT, 1961

Section 80-IA

Deduction under section 80-IA - Profits and gains derived from industrial undertaking - Non-filing of return of income on or before due date prescribed under section 139(1) - Whether assessee would be entitled to claim deduction

Revenue rejected assessee's claim of deduction under section 80-IA. It was alleged that since the assessee did not file return of income within the time prescribed under section 139(1), it was not entitled to any deduction under Chapter VIA of the Act. Held: In view of Tribunal decision in the case of Saffire Garments v. ITO (2013) 151 TTJ (Rajkot) (SB) 114 : 2013 TaxPub(DT) 0290 (Rkt-Trib), an assessee who does not file its return of income on or before the due date prescribed under section 139(1) will not be entitled to claim deduction under section 80-IA. In instant case, as assessee did not file return of income within the time prescribed under section 139(1), therefore, it was not entitled to claim deduction under section 80-IA.

REFERRED :

FAVOUR : Against the assessee

A.Y. : 2011-12

INCOME TAX ACT, 1961

Section 263

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