Timely return filing for section 80P deduction; non-compliance with section 80A(5) defeated the claim.

Deduction under section 80P(2)(a)(i) was denied because the assessee did not file any return of income within the time prescribed under section 139(1), section 139(4), or within the time allowed under notices under section 142(1) or section 148. Applying section 80A(5), the Tribunal held that the deduction is available only when the return is furnished within the prescribed time. On that basis, and following its earlier decision on the same legal question, the claim for deduction was rejected and the issue was decided against the assessee.

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Issues: Whether the assessee was entitled to deduction under section 80P(2)(a)(i) despite not filing the return of income within the time prescribed under the Act.

Analysis: The assessee had not filed any return of income under section 139(1) or section 139(4), nor within the time allowed in notice under section 142(1) or section 148. The statutory bar under section 80A(5) was applied to hold that deduction under section 80P(2)(a)(i) is available only when the return is filed within the prescribed time. Following its earlier decision on the same legal question, the Tribunal held that non-compliance with the filing requirement disentitled the assessee to the claimed deduction.

Conclusion: The assessee was not entitled to deduction under section 80P(2)(a)(i), and the issue was decided against the assessee.

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