Case Law Details
Redisolve Software P. Ltd. Vs DCIT (ITAT Chennai)
ITAT Chennai held that return of income has to be filed as per section 139 of the Income Tax Act for claiming benefit under section 10A. Exemption under section 10A is not available in case the return is filed belatedly.
Facts-
The assessee company belatedly filed its return of income for the year under consideration claiming deduction under section 10A of the Act and the same was accepted by AO in the assessment order passed u/s. 143(3) of the Act dated 25.03.2013.
Subsequently, by exercising the power conferred u/s. 263 of the Act, the ld. CIT found that the order passed by AO is erroneous and prejudicial to the interest of the Revenue on the ground that the assessee has not filed its return of income in time u/s. 139 of the Act and therefore, the assessee is not entitled to claim deduction under section 10A of the Act. Without examining the claim of the assessee, AO has completed the assessment by allowing the claim of deduction under section 10A of the Act, which is erroneous and prejudicial to the interest of Revenue. Accordingly, the ld. CIT set aside the assessment order passed u/s. 143(3) of the Act dated 25.03.2013 and directed AO to revise the assessment by disallowing the deduction claimed u/s. 10A of the Act.
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