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TMI Blog2022 (7) TMI 861X X X X Extracts X X X X X X X X Extracts X X X X ..... 2,87,519 u/s. 80IB(7) - The facts for this year being identical with AY 2007-08, we hold that the assessee is not eligible for deduction u/s. 80IB(7) - During the course of haring, the ld. AR submitted that the assessee had made an application before the CBDT u/s. 119(2B) of the Act for condonation of delay in filing the return by the assessee. Accordingly, we direct the AO to decide the issue in accordance with law pursuant to the CBDT directions. - ITA Nos.166 And 167/Bang/2020 - - - Dated:- 18-7-2022 - Shri N.V. Vasudevan, Vice Preseident And Shri Padmavathy S, Accountant Member For the Appellant : Shri Deepesh Wagle, CA For the Respondent : Smt. Priyadarshini Baseganni, Addl.CIT(DR)(ITAT), Bengaluru. ORDER PER P ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion out of the various grounds raised by the assessee is the eligibility of the assessee to claim deduction u/s. 80IB(7) of the Act. 7. Before us, the ld. AR submitted that the CIT(Appeals) denied the deduction without giving an opportunity to explain the reasonable cause for the delay in filing the return by the assessee. The ld. AR submitted that the delay was due to reasons and situation beyond the control of the assessee and prayed for condonation of delay in filing the appeal before the CIT(Appeals) and allow deduction u/s. 80IB(7) of the Act. He relied on the decision of the coordinate Bench of the Tribunal in the case of Vanishree Builders Developers Pvt. Ltd. v. ITO in ITA No.386/Bang/2012 dated 07.12.2012 . 8. The ld. DR ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e allowed and credited to a reserve account (to be called the Special Economic Zone Re-investment Allowance Reserve Account ) to be created and utilised for the purposes of the business of the assessee in the manner laid down in sub-section (1B) : Provided that no deduction under this section shall be allowed to an assessee who does not furnish a return of his income on or before the due date specified under sub-section (1) of section 139. (emphasis supplied) 10. The Special Bench held that as per proviso to Sec.10A(1A) of the Act, the assessee was required to file the return of income within the prescribed time as per the provisions of Section 139(1) of the Act and the proviso to section 10A(1A) was nothing but a consequence o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ilute the infraction in not furnishing return in due time as prescribed u/s 139(1) of the Income tax Act, 1961. 12. The ruling of the Special Bench will equally apply to the provisions of Sec.80AC of the Act which are identical to proviso to Sec.10A(1A) of the Act. The provisions of Sec.80AC of the Act reads thus:- 80AC. Deduction not to be allowed unless return furnished.- Where in computing the total income of an assessee of the previous year relevant to the assessment year commencing on the 1st day of April, 2006 or any subsequent assessment year, any deduction is admissible under section 80-IA or section 80-IAB or section 80-IB or section 80-IC or section 80-ID or section 80-IE, no such deduction shall be allowed to him unless he ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... od to have been excluded. 14. In the decision cited by the ld. AR in the case of Vanshree Builders Developers Pvt. Ltd. (supra) , the coordinate Bench of the Tribunal has denied deduction by holding that :- 18. Considering the facts and circumstances of the issue as deliberated upon in the fore-going paragraphs and also in conformity with the rulings of the hon'ble Benches of the Tribunals cited supra, we are in agreement that section 80AC of the Act prohibits deduction under section 80-IB of the Act if the return is not furnished on or before the due date as specified under section 139(1) of the Act. It is ordered accordingly. 15. Considering the above judicial precedents, we hold that the provisions u/s. 80AC of the A ..... X X X X Extracts X X X X X X X X Extracts X X X X
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