TaxTMI 
TaxTMI 
2011 (12) TMI 321
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....led beyond 31st October, 2006. 2. That both ld. CIT(A), Amritsar and ITO, Ward 5(1), Amritsar have failed to appreciate that the accounts of the assessee were complete and audited u/s 80IB and 44AB of Income-tax Act, 1961 and the Audited Accounts were filed with the department before 31st October, 2006. 3. That both ld. CIT(A), Amritsar and ITO, Ward 5(1), Amritsar have failed to appreciate that true import of provisions of section 80AC of Income-tax Act, 1961 read with section 139(1) fourth proviso of Income-tax Act, 1961. 4. That both ld. CIT(A), Amritsar and ITO, Ward 5(1), Amritsar have failed to appreciate that provisions of section 80IB were incentive provisions and the same were to be liberally construed in furtherance of the objective of promoting the incentives. 5. That both ld. CIT(A), Amritsar and ITO, Ward 5(1), Amritsar have grossly erred in charging interest u/s 234B at Rs. 5,87,345/- and interest u/s 234A at Rs. 53,395/- and u/s 234D at Rs. 17,520/- and u/s 244A at Rs. 10,430/-." 3. In ITA No. 236/ASR/2011, the assessee has taken the following grounds of appeal:- "1. That ld. CIT(A), Amrits....
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....he Income-tax Act, 1961, it is incumbent upon every person being an individual or a HUF to furnish its return of income, if his total income without giving effect to the provisions of section 10A, or Section 10B or Section 10BA or Chapter VIA exceeded the maximum amount which is not chargeable to income-tax, shall on or before the due date furnish a return of his income in the prescribed form and verified in the prescribed manner and setting forth such other particulars as maybe prescribed. For the sake of ready reference, provisions of section 80AC are reproduced below: "80AC Where in computing the total income of an assessee of the previous year relevant to the assessment year commencing on the 1st day of April, 2006 or any subsequent assessment year any deduction is admissible u/s 80IA or Section 80IB or Section 80IB or Section 80IC or section 80ID or section 80IE, no such deduction shall be allowed to him unless he furnishes a return of his income for such AY on or before the due date specified under sub-section (1) of Section 139." It is an undenying fact that the appellant has furnished his return of income declaring income of Rs. 3,54,260/- after claiming deduction of ....
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....prayer on any stage of the assessment proceedings and even before the appellate authority and therefore the return of income filed after the time limit specified in Section 139(1) should have been taken into account as very return and the claim of the assessee for deduction u/s 80IB of the Act allowed according. In support of the aforesaid proposition, the ld. authorised representative for the assessee relied upon the following judgments: 1 ITO v. VXL India Ltd. [2009] 312 ITR 187 (Guj.) 2 CIT v. Gujarat Oil & Allied Industries [1993] 201 ITR 325 (Guj.) 3 CIT v. Magnum Export (P.) Ltd [2003] 262 ITR 10/130 Taxman 702 (Cal.) 4 CIT v. Mayur Foundation [2005] 274 ITR 562 (Guj.) 5 Zenith Processing Mills v. CIT [1996] 219 ITR 721 (Guj.) 6 CIT v. Punjab Financial Corpn. [2002] 254 ITR 561/121 Taxman 656 (Punj. & Har.) (FB) 7 CIT v. ACE Multitaxes Systems (P.) Ltd [2009] 317 ITR 207 (Kar.) 8 Continental Construction (P.) Ltd. v. Union of India [1990] 185 ITR 230/53 Taxman 213 (Delhi) 9 CIT v. Web Commerce (India) (P.) Ltd. [2009] 318 ITR 135/178 Taxman 310 (Delhi) 10 CIT v. Integrated Databases Indi....
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....m/deduction is not filed before the expiry of due date specified u/s 139(1) of the Act. Thus Section 80AC of the Act provides the consequences that would follow if the return of income containing claim us 80-IB is not furnished before the due date specified in Section 139(1). The language of Section 80AC in this behalf is quite clear. It is well settled principle of construction o statute that the statutory enactment must obviously be constitute according to the plain meaning and that the scope of legislation on the intention of legislation cannot be enlarged when the language of the provisions is plant and unambiguous. In our view the language of Section 80AC is quite plain and unambiguous as much as it is specifically provides for the consequences that would follow if the return of income containing claim for deduction u/s80IB is not furnished before the due date specified in Section 139(1) of the Act. 14. It is quite apparent on bare perusal of Section 80AC that the provisions contained therein are mandatory. In as much as it is specifically provides for the consequences that would follow if the return of income is not furnished with in the time limit specified in Section 139....