https://www.taxtmi.com/caselaws?id=447583 The HC upheld ITAT's decision allowing deductions under Section 80IB(10) to a statutory housing organization despite filing its return beyond the prescribed period under Section 139(1). While acknowledging that Section 80AC bars deductions when returns are filed late, the court recognized the assessee's reasonable bonafide cause for delayed filing due to late audit. The court emphasized that the assessee, being a statutory organization dealing with public money, should not bear taxes it is otherwise not liable to pay under law, despite the technical non-compliance with filing deadlines. en-us Fri, 22 Dec 2023 00:00:00 +0530 Wed, 18 Feb 2026 16:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447583 The HC upheld ITAT's decision allowing deductions under Section 80IB(10) to a statutory housing organization despite filing its return beyond the prescribed period under Section 139(1). While acknowledging that Section 80AC bars deductions when returns are filed late, the court recognized the assessee's reasonable bonafide cause for delayed filing due to late audit. The court emphasized that the assessee, being a statutory organization dealing with public money, should not bear taxes it is otherwise not liable to pay under law, despite the technical non-compliance with filing deadlines. Case-Laws Income Tax Fri, 22 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447583