TaxTMI 
TaxTMI 
2020 (3) TMI 337
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....ssee did not offer any income on account of this project in the earlier assessment years. The assessee never claimed the deduction till this year. The assessee followed the "project completion method" till last year. During the year, the assessee changed his method of accounting qua recognition of income from earlier completion method to the percentage completion method. During the year under consideration, the assessee recognized income and did not claim the deduction u/s 80IB(10) of the Act. However, in the revised return of income, assessee claimed the same. In this regard, he furnished written submissions on facts as well as arguments. There is lot of dispute on this after thought claim of deduction. 3. The ld. DR submitted that the order of CIT(A) was not complete and not a speaking order qua various issues as he missed to discuss various issues before giving relief to the assessee. Referring to the reasons for why the assessee did not claim the deduction u/s 80IB(10) of the Act in the original return of income, ld. DR mentioned that there was no discussion in the order of the First Appellate Authority; no discussion on the reasons for the change in the method of accounting....
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....on laying down limitation on the substantive rights of the assessee to make claim. Therefore should be interpreted strictly without any addition or subtraction of words to the provision. 4. Section 80AC of the Act read as under : " Section 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 under section 80-IA or section 80-IAB or section 80-IB or section 80-IC 47 [or section 80-ID or section 80-IE], no such deduction shall be allowed to him unless he furnishes a return of his income for such assessment year on or before the due date specified under sub-section (1) of section 139.)" Case Laws A. Assessee filed its return under section 139(1) wherein deduction was not claimed under section 80-IC - Subsequently, assessee filed revised return under section 139(5) wherein claim for deduction was raised - Assessing Officer allowed assessee's claim - Subsequently, Assessing Officer took a view that since assessee did not raise claim for deduction under section 139(1), same could not be all....
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....39(1) and consequently, the conditions prescribed u/s 139(3) of the Act, is fulfilled and accordingly, loss claimed shall be allowed to be carried forward under the relevant provision of the Act. ACIT - 4(2)(2) v. Marks & Spencer Reliance India Pvt. Ltd, ITA No.6703/Mum/2018, A.Y. 2012-13, Bench. "D", DOH: 22/01/2020 (Mum)(Trib) B. M/s Olavanna Service Coop Bank v ITO, I.T.A no- 398/Coch/2014, dated-17/10/2016 (ITAT)(Coch) C. The original return was filed well within the time limit prescribed under the law and the revised return filed before the AO completing the assessment that the assessee has fulfilled all the conditions u/s.80IB(10), therefore, entitled for deduction in respect of housing project. DCIT v Kamdhenu Builders and Developers / I.T.A no 7010/Mum/2010, dated-27/01/2016 (ITAT)(Mum) D. The assessee filed audit report in Form 56F when revised computation of total income was furnished before Assessing Officer, deduction under section 10AA could not be denied merely for non-filing of audit report along with return of income itself. The assessee became eligible to claim deduction under section 10AA; there would be no sta....
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....the Assessment proceeding. 1. The A.O rejected the revised return on of the ground that the form no 10CCB is not properly filed. The same is corrected and filed before A.O during the Assessment proceeding. [ pg no. 71-76] 2. The A.O could not disallowed deduction u/s 80IB(10) merely on the ground of error in Form no 10CCB, it's only the technical mistake and it was correct during Assessment proceeding. 3. The assessee relied the following case laws: a) Section 10B of the Income-tax Act, 1961 - Export oriented undertaking (Claim for deduction) - Assessment year 2008-09 - Whether when facts and circumstances reveal that assessee was eligible for exemption under section 10B and it had been found to be in order except that instead of mentioning exemption under section 10B, while e-filing return, it was wrongly on account of typographical error mentioned section 80-IB, it could be said to be such a mistake by which exemption could be disallowed outrightly - Held, no [Para 16] [In favour of assessee] Commissioner of Income-tax v. Rajasthan Fasteners (P.) Ltd [2014] 363 ITR 271 (Rajasthan-HC) b) S. 11 : Property held for charitable....