Tinoo Ltd. is eligible to claim deduction of ₹2 crore under section 80-IA. It has filed its return of income after the due date as specified in section 139(1). Discuss the allowability of deduction under section 80-IA.

Facts: Tinoo Ltd. is eligible to claim deduction of ₹2 crore under section 80-IA, however, it has filed return after the due date specified in section 139(1). Applicable Provisions: Section 80AC of the Income Tax Act, 1961 provides that where in computing the total income of an assessee of the previous year relevant to the assessment year, any deduction is admissible under section 80-IA or section 80-IAB or section 80-IB or section 80-IC or section 80-ID or section 80-IE, 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. Decision: Thus, Tinoo Ltd. shall not be allowed deduction under section 80-IA.