- (1.) The marginal delay in seeking to prefer the appeal is condoned in view of the good grounds shown.
(2.) The appellant seeks to raise a legal question upon the appellant's claim for the benefit conferred under Section 80-IB of the Income Tax Act, 1961 being-declined on the ground that the appellant did not file its return for the relevant assessment year within the period prescribed under Section 139 (1) of the Act.
(3.) The facts are not much in dispute. Section 80-IB of the Act allows certain deductions if an industry is established in a backward area. Such deductions are allowed for a period of ten years. A condition for obtaining the benefit of such deductions is that the return for the relevant year should be filed within the time prescribed under Section 139(1) of the Act. Such condition is imposed by Section 80AC of the Act and the wording of the material part is couched in a negative fashion: "..no such deduction shall be allowed to him unless he furnishes a return of his income for such assessment year on or before the due date specified under sub-section 1 of Section 139." In other words, an embargo is imposed by Section 80AC of the Act on the conferment of the benefit under Section 80-IB of the Act. The condition also specifically refers to Section 139(1) of the Act and not to Section 139 as a whole.;