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| The Tax Publishers2020 TaxPub(DT) 2340 (Mad-HC) INCOME TAX ACT, 1961
Section 80-IAB
Though delay in filing of returns had not been properly explained, issue as to whether assessee was otherwise entitled to benefit of deduction, but for failure to file such return would require examination independently as there was a genuine hardship as assessee failed to file return on time to avail of benefit of deduction. Accordingly by condoning delay, AO was directed to examine assessee's claim for deduction under section 80-IAB, on merits.
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Deduction under section 80-IAB - Allowability - Denial on the ground of delay in filing of returns - Assessee filed writ petition
By way of Writ Petition, assessee challenged the Order rejecting application filed by assessee for condonation of delay in filing Income Tax Returns in time for so to avail of benefit of deduction under section 80-IAB. Assessee's case was that amendment to section 115JB created confusion and there was paucity of fund for payment of tax under said provision which resulted in delay in filing of returns. Held: Explanation offered by assessee for delay in filing of returns was of no significance as by not filing the returns in time, assesse had not gained any advantage. On the other hand, assesse had put to jeopardy to its claim for benefit of deduction under section 80-IAB. Though delay had not been properly explained, issue as to whether assessee was otherwise entitled to benefit of deduction, but for failure to file such return would require examination independently. There was a genuine hardship as assessee failed to file return on time to avail of benefit of deduction. By condoning the delay, AO was directed to examine assessee's claim for benefit of deduction under section 80-IAB, on merits and nothing more.
REFERRED :
FAVOUR : Matter remanded
A.Y. : 2012-13 & 2013-14
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