Deduction U/s. 80-IC allowed despite Belated filing of return if delay is because of Reasonable cause

Symbiosis Pharmaceuticals (P) Ltd. Vs. DCIT (ITAT Chandigarh) Literal interpretation is to be given to the procedural requirements of section 80AC, as much as these provisions being machinery provisions and thus being directory, did not stand as a bar in the facts of instant case as filing of the return was delayed for reasons not attributable to the assessee and all other supporting evidences in the form of audit report under section 80-IC, balance sheet prepared for the purpose of income tax and the requirements of various regulatory authorities were prepared and filed well within time. Acc...