Deduction u/s. 80IB(10) admissible only when return is furnished within due date specified u/s 139(1): ITAT Ahmedabad

DCIT Vs Umang Hiralal Thakkar (ITAT Ahmedabad) ITAT Ahmedabad held that in order to claim deduction under section 80IB(10) of the Income Tax Act, it is mandatory to furnish return within due date of filing original return of income as specified under section 139(1) of the Income Tax Act. Facts- During the course of assessment, AO observed that the assessee has claimed deduction under chapter VIA of the Act specially under 80IB(10) amounting to Rs. 13,68,61,112/-. Notably, the assessee has filed the return of income beyond the time allowed u/s. 139(1) of the Act as well as the assessee is not a...