2023 (5) TMI 1404 - SCH - Income Tax

Disallowance u/s.80IB(10) - assessee had failed to file his return of income within the stipulated time under Section-139(1) and the project namely was not completed within the period of 05 years from the end of the year in which the approval was granted by the local authority u/s 80IB(10) As decided by HC 2022 (4) TMI 745 - GUJARAT HIGH COURT where the assessee completes the construction of its entire housing project and thereafter applied for the BU Permission within the prescribed time-limit then irrespective of the fact whether such BU permission has been granted or not before the prescribed date the assessee would be entitled to deduct under Section-80IB(10) anf for delay in filing the returns u/s 139 in view of the provisions of Section-92E the assessee was required to get the transfer pricing report in the Form 3CEB. In such circumstances the assessee had the benefit of the extended period of the due date for filing of the return. HELD THAT - The special leave petition is dismissed on the ground of delay. All pending applications are disposed of.