TaxTMI 
TaxTMI 
2020 (3) TMI 337
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....61 (hereinafter referred to as "the Act‟). The assessee is engaged in the business of promoters and builders executing various construction schemes for commercial / residential complex. The assessee filed return of income on 29.09.2011 without claiming any deduction u/s 80IB(10) of the Act originally. This is the third year of the project. The project is close to completion (around 80%). The assessee 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 p....
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....not tally with that of the audited accounts, based on which regular return was filed u/s 139(1) of the Act. Referring to Form No.10CCB which is filed in support of the claim of deduction u/s 80IB(10) of the Act in the revised return of income, ld. DR submitted this is full of discrepancies in figures as well as blanks or filled in manually by the assessee. Referring to the dates and figures appearing in Form No.10CCB, ld. DR submitted this report was made prior to the finalization of accounts. How the Form No.10CCB is signed without finalizing the financial statement? On the correctness of the claim u/s 80IB(10) of the Act, ld. DR mentioned the claim is rightly rejected by the Assessing Officer. Criticizing the order of First Appellate Auth....
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....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 allowed keeping in view of provisions of section 80AC - He thus passed an order under section 143(3), read w....
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.... The assessee filed the original return within the provision u/s 139(1) in time, the revised return filed u/s 139(5) in time. The claim in return as per section 80A(5) means the claim made in the original return or revise return filed within the time. Therefore, assessee has made claim in revise return filed u/s 139(5) in time is allowable deduction. Similarly requirement of section 80AC is that return u/s 139(1) should be filed. In present case the return u/s 139(1) is filed in time. Case Laws A. S. 139 r.w.s 80: Return of income - original return filed within the due date prescribed u/s 139(1) - then any revised return filed, subsequently within the due date prescribed u/s 139(5) - the nature of original return filed u/s 139(1) and c....
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....d in respect of the same profits and therefore necessary safeguards was put in place in section 80A. It was not intended to deny legitimate deduction to which the assessee is otherwise legally entitled to. CIRCULAR NO. 5/2010/(F.NO.142/13/2010-SO(TPL)], DATED 3-6-2010 F. Section 139 of the Income-tax Act, 1961 - Return of income - Revised return - Assessment year 2005-06 - For relevant year, assessee filed return under section 139(1) declaring certain taxable income - Subsequently, assessee filed revised return under section 139(5) raising a claim for carry forward of speculation loss - Assessing Officer disallowed said claim on ground that same was not raised in original return but in revised return - Tribunal took a view that once a r....
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....n 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 asse....