Rajni Developers Pvt. Ltd. vs. The ACIT

Parties Involved

Facts Summary

The assessee, Rajni Developers Pvt. Ltd., a private limited company engaged in real estate development, filed its return of income for the assessment year 2011-12 on 06/07/2012, which was 9 months beyond the due date specified under section 139(1) of the Income Tax Act, 1961. The assessee claimed a deduction of Rs.39,78,683/- under section 80(IB)(10) of the Act. The Assessing Officer disallowed the deduction as the return was filed beyond the due date, and the order was upheld by the Commissioner of Income Tax (Appeals). The assessee appealed to the Income Tax Appellate Tribunal, which dismissed the appeal.…

Legal Issues

• 1. Whether the assessee is entitled to claim deduction under section 80(IB)(10) of the Act as the return was filed beyond the due date?

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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