For the AY 2015-16, the A.O. denied the assessee the benefit of deduction u/s. 80-IC of the Act on the ground that the assessee had filed its return of income beyond time prescribed u/s. 139(1) of the Act. Deduction u/s. 80-IC of the Act was denied in respect of (1) interest earned from fixed deposits kept (a) in four entities on account of power and electricity connection taken to run the factory, (b) for guarantee given to the Uttarakhand Environment Protection and Pollution Control Board to get permission to run the plant, (c) for opening a letter of credit for import of goods  and (2) interest recovered from customers for credit term allowed against letter of credit and bills were discounted on which interest were also paid. The CIT(A) affirmed the order passed by the A.O. On appeal, the Tribunal held that the assessee was entitled to claim deduction u/s. 80-IC of the Act in respect of the amount of interest was derived from eligible business and was eligible for deduction u/s. 80-IC of the Act. However, the sum of Rs. 54,680 being interest received on insurance claim could not be held derived from eligible business thus the sum was to be reduced for the claim u/s. 80-IC of the Act.  The Tribunal also held that the assessee had filed the audit report in form 10CCB and tax audit report in form 3CB/3CD within prescribed due date but filed the return claiming deduction u/s. 80-IC of the Act belatedly. Therefore, even though the return was filed beyond the prescribed time-limit provided under section 139(1) of the Act, the assessee was entitled to claim deduction u/s. 80IC of the Act. (AY. 2015-16)