Assessee is a partnership firm engaged in the business of developing of housing project eligible for deduction u\/s 80IB(10) of the Act.\u00a0 They have developed the project which is commenced as per Commencement Certificate received in April,2007 and the project is completed as per completion certificate dated 31.03.2012. In the A.Y 2013-14, assessee earned net profit of Rs. 2.5 crores. As\u00a0 per the advice of the Tax Consultant, assessee firm has paid the AMT u\/s 115JC on this profit as same is eligible for deduction u\/s 80IB(10) of the Act.<\/p>\n
However, while uploading the return could not upload Form 10CCB for this assessment year due to problem in the software. However, submitted hardcopy of the said Form before the AO. The return was processed u\/s 143(1) of the Act and the deduction u\/s 80IB(10) was disallowed.<\/p>\n
Aggrieved by this order, assessee has filed appeal before CIT(A) and the claim of the deduction u\/s 80IB(10) was allowed.<\/p>\n
While filing an appeal before CIT(A), the assessee has failed to raise the ground regarding inapplicability of provisions of section 115JC as the said provision is applicable from w.e.f 01.04.2013 prospectively, and to the projects claiming deduction which have come or approved on or after 01.04.2013.<\/p>\n
As the profit of the assessee firm in the A.Y 2013-14 is in respect of the Housing Project approved and completed before 31.03.2012.<\/p>\n
Kindly guide in respect of following:<\/p>\n
a. Whether the assessee should file an appeal before the ITAT on the ground that assessee failed to raise the ground of appeal relation to applicability of section 115JC of the Act and hence the issue could not be adjudicated by CIT(A)?<\/p>\n
or<\/p>\n
b. Whether application u\/s 264 should be filed as the assessee firm while filing the return of income has paid the AMT u\/s 115JC mistakenly?<\/p>\n
In both these options, there is a delay in filing which will be more than 2 years.<\/p>\n","protected":false},"comment_status":"open","ping_status":"closed","template":"","qa_expert":[515],"qa_category":[23],"qa_tag":[533,75,532],"class_list":["post-25551","qa","type-qa","status-publish","hentry","qa_expert-dr-k-shivaram-senior-advocate","qa_category-income-tax","qa_tag-cbdt","qa_tag-revision-of-assessment","qa_tag-section-115jc"],"acf":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa\/25551","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/qa"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=25551"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=25551"}],"wp:term":[{"taxonomy":"qa_expert","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_expert?post=25551"},{"taxonomy":"qa_category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_category?post=25551"},{"taxonomy":"qa_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_tag?post=25551"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}