2022 (3) TMI 376

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....for the assessment year 2013-14. 2. In this case the Assessee had filed its return of income declaring an income of Rs. Nil on dated 26.02.2014, which was processed u/s 143(1) of the Act. Thereafter, the case of the Assessee was picked for scrutiny through CASS and AO initiated the assessment proceedings which resulted into addition of Rs. 77,38,729/- on account of deduction u/s 80IC/80IE of the Act as claimed by the Assessee. The Assessee against the Assessment order preferred statutory first appeal before the ld. Commissioner who vide impugned order dismissed the appeal of the Assessee and upheld the addition by observing that it is admitted fact on record that the return filed by the Assessee was well beyond the date of filing of retu....

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....e only reason for delay was tax liability as AMT u/s 115JC of the Act was introduced newly, therefore the Assessee was unaware of the change and it is also clear from the action of the Assessee that it never deposited any advance tax either. However, only during the visit of its CA for Audit and return filing work, came to know about the new tax liability. Therefore, delay in filing has been occurred. 6. We observe that though, the Assessee had demonstrated reasonable cause for delay in not filing the return of income within the limitation period, however the ld. Commissioner did not get satisfied with the explanation and therefore, declined to accept the same as a reasonable cause by observing "that a reasonable cause of delay is not re....

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....the department on merits, there is no justification for not viewing the delay of 46 days in filing the return to be bana fide. It is not one of those cases where the delay is so extraordinary so as to not be condoned." 8. Hon'ble High Court of Kerala in the case of Chirakkal Service Cooperative Bank Ltd Kannur Vs. CIT dated 15.02.2016 (2016) taxmann.com 298 (Kerala) also in the identical issue held as under: "Areturn filed by the Assessee beyond the period stipulated u/s 139(1)/139(4)/142(1)/148 can also be accepted and acted upon provided further proceedings in relations to such assessment are pending in the statutory hierarchy of adjudication in terms of the provisions of IT Act. In all such situation, it cannot be treated tha....