https://www.taxtmi.com/caselaws?id=448512 The ITAT Chandigarh upheld CIT(A)'s decision allowing deduction under Section 80IC despite late filing of return. The Tribunal found the delay was beyond assessee's control due to tax consultant's fault, noting Section 80AC provisions are directory, not mandatory. The decision was supported by HC precedent in Ambey Developers case and CBDT Circular 37/2016 prohibiting revenue appeals where deduction is allowable. Additionally, the Tribunal confirmed deletion of addition for low gross profit, finding assessee's explanation for decline from 16.61% to 14.11% reasonable due to 50% turnover increase requiring reduced margins. The AO failed to controvert assessee's submissions regarding increased raw material costs and better resource management. en-us Thu, 04 Jan 2024 00:00:00 +0530 Tue, 27 Aug 2024 12:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448512 The ITAT Chandigarh upheld CIT(A)'s decision allowing deduction under Section 80IC despite late filing of return. The Tribunal found the delay was beyond assessee's control due to tax consultant's fault, noting Section 80AC provisions are directory, not mandatory. The decision was supported by HC precedent in Ambey Developers case and CBDT Circular 37/2016 prohibiting revenue appeals where deduction is allowable. Additionally, the Tribunal confirmed deletion of addition for low gross profit, finding assessee's explanation for decline from 16.61% to 14.11% reasonable due to 50% turnover increase requiring reduced margins. The AO failed to controvert assessee's submissions regarding increased raw material costs and better resource management. Case-Laws Income Tax Thu, 04 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448512