Tax Tribunal Approves Late Filing Deduction for Housing Infrastructure Body Due to Audit Delays and Public Fund Management.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Deduction u/s 80IB(10) - Belated filing of ITR - In the instant case, the assessee is a statutory organization created by the State for providing & develop housing infrastructure. It took up a defence of late audit for belated filing of its return of income. The veracity of ground so put forth for late filing of return has not been disputed by the appellant. The assessee deals with public money, the State exchequer. - assessee had a reasonable & bonafide cause for not filing the return of income within the time permitted u/s139(1) - ITAT rightly allowed the deduction - HC....