2016 (10) TMI 1301

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....turn of income. The assessee neither complied with this notice nor filed return of income in terms of section 139 or 142(1) of the Act and hence, best judgment assessment u/s 144 of the Act was completed by denying the benefit of deduction u/s 80P of the I T Act. The AO held that by virtue of section 80A(5) of the Act, the assessee was not entitled to the benefit of deduction claimed u/s 80P of the Act, since the return of income was not furnished within the time limit prescribed u/s 139 of the Act. 3 Aggrieved by the assessment, the assessee preferred an appeal to the first appellate authority. The CIT(A) confirmed the assessment order. 4 Aggrieved by the above order of the CIT(A), the assessee preferred appeal to the Tribunal. The Tribu....

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....lowing findings: "18. Questions B & C relate to denial of exemption on ground referable to belated filing of return, that is to say, returns filed beyond the period stipulated under section 139)1) or section 139(4) as the case may be as well as section 142 (1) or section 148, as the case may be. There are no cases among these appeals where returns were not filed.  There are cases where claims have been made along with the returns and the returns were filed within time. Still further, there are cases where returns were filed belatedly, that is to say, beyond the period stipulated under sub section 1 or 4 of section 139; and there are also returns filed after the period with reference to sections 142(1) and 148 of the I T Act. 19. Se....

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....t goes without saying that the claim for exemption will also stand effectuated as a claim duly made as part of the returns so filed, for due consideration. 21 When a notice under section 142(1) is issued, the person may furnish the return and while doing so, could also make claim for deduction referable to section 80P. Not much different is the situation when pre-assessment enquiry is carried forward by issuance of notice under section 142 (1) or when notice 1 s issued on the premise of escaped assessment referable to section 148 of the IT Act. This position notwithstanding, when an assessment is subjected to first appeal or further appeals under the IT Act or all questions germane for concluding the assessment would be relevant and claim....