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2014 (7) TMI 252 - ITAT MUMBAIDeduction u/s 80IB of the Act – Correct audit report as per Form 10CCB filed subsequent to original assessment – Held that:- The assessee’s claim for deduction u/s 80IB on the profits derived from its industrial undertaking has been allowed to the assessee since last several years - In all the subsequent proceedings, like revision proceedings u/s 263 and the appeal before the Tribunal against the order, this vital fact has either not been brought to the notice of any of the authorities or had not been considered – the contention is accepted that if the audit report for the purpose of claiming deduction u/s 80IB, has been filed subsequently before the AO or even at the appellate stage, it should be taken into cognizance for examining the allowability of claim for deduction - neither the AO nor the Commissioner (Appeals) in the proceedings, has taken cognizance of the audit report filed before the AO in the rectification proceedings, thus, the matter is liable to be remitted back to the AO for the examination that if the revised audit report has been filed before the AO in pursuance of notice u/s 154, then it should be taken into cognizance for examining the allowability of the claim u/s 80IB – Decided partly in favour of Assessee.
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