2014 (4) TMI 213

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.....2011, Annexure A.4 passed by the Income Tax Appellate Tribunal, Amritsar Bench, Amritsar in ITA No.236/ASR/2011 for the assessment year 2007-08, claiming following substantial questions of law:- i) Whether in the facts and circumstances of the case, the time period prescribed under Section 80AC read with section 139 is directory or mandatory? ii)Whether in the facts and circumstances of the case once the audited accounts have been filed with the department within the prescribed period, still the deduction under section 80IB can be disallowed on mere late filing of the return? iii)Whether in the facts and circumstances of the case the time period to file the return does get extended by Section 139(1) fourth proviso? iv) Whether ....

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.... the appellant, since the information with regard to Income from other sources was not ready, the return could not be filed upto the due date i.e. 31.10.2007. There was delay in filing the return and the same was filed on 26.11.2007. Since the claim under section 80IB of the Act had been made in the return and the return was late as provided under section 139 of the Act, show cause notice was issued by the department to the appellant on 27.10.2009. The assessment was finalised vide order dated 15.12.2009 and the claim under section 80IB of the Act was disallowed by holding that the return had not been filed within the stipulated period as provided under section 80AC read with section 139 of the Act. Feeling aggrieved, the appellant filed ap....