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4. Briefly stated relevant facts are that the assessee is a company engaged in the manufacturing of Engineering goods and Generation of electricity through windmill. Assessee made a claim of deduction u/s.80IA(4) of the Act amounting to Rs.77,62,555/-

by way of filing the revised return of income u/s.139(5) of the Act. Admittedly, the assessee could not claim the same in the original return filed u/s.139(1) of the Act. Considering the omissions, assessee made use of the provisions of section 139(5) of the Act and filed the revised return well in time. Without appreciating the same, in the assessment proceedings, the AO denied the said benefit of claim of deduction u/s.80IA(4) of the Act. Contents of Para No.5 onwards of the assessment order are relevant in this regard. AO relied on the literal interpretation of the provisions of section 80AC of the Act relating to "Deduction not to be allowed unless return furnished". This section mandates for allowing the claims of deductions only when the condition of filing of return of income u/s.139(1) in time are fulfilled by the assessee. Assessee relied on various decisions in support of his claim of deduction through the filing of valid revised return of income and explained that the said time specified for filing return of income includes the ITA Nos.2263, 2264/PUN/2014 & Sharp Designers & Engineers India Pvt. Ltd., time provided for revised return of income u/s.139(5) of the Act. Ignoring the same, the AO/CIT(A) proceeded to deny the claim of deduction. The discussion given in Para No.5 to 15 of the CIT(A) order is relevant.

139."

b. No stipulation to make a claim in original return - A close look at section 80-AC reveals that, there is no any stipulation that, deduction ought to be claimed in the 139(1) return. On the contrary, the only condition revealing from section 80-AC is that, whenever, a deduction is claimed u/s 80-AC, the return must be furnished before the due date u/s 139(1). As the Appellant company has filed return on 29/9/2010 (i.e. one day before 30/9/2010)' Appellant's claim made in the revised return is valid and correct.