Sec. 80-IB(10) deduction allowable even in case of belated returns

PCIT Vs H.P. Housing & Urban Development Authority (Himachal Pradesh High Court) Conclusion: Deduction under section 80IB (10) was allowable to assessee as it had a reasonable & bona fide cause for not filing the return of income within the time permitted under Section 139(1). Once in the given facts, assessee had been held entitled to claim the specifically computed deductions, then it should not be burdened with taxes which it was otherwise not liable to pay under law. Held: Assessee filed its return belatedly u/s. 139(4). Thereafter, assessee filed revised ITR wherein for the first...