The Tribunal held that the provisions under section 80AC of the Act requiring the assessee to furnish return of income before the due date specified under section 139(1) of the Act are mandatory and not directory. Therefore, the assessee was not eligible for deduction under section 80-IB(7) of the Act. Tribunal directed the Assessing Officer to decide the issue as per direction of the CBDT under section 119(2B) of the Act.
Hyagreeva Hotels and Resorts Pvt. Ltd v. Dy. CIT (2022)97 ITR 70 (SN.) (Bang) (Trib)
S. 80IB(7) : Hotel business-Return-Failure to file return within due date-Not eligible deduction-Directed to decide as per direction of the CBDT. [S.10A, 80AC, 119(2B) 139(1)]