Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2011 (12) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2011 (12) TMI 39 - HC - Income TaxDeduction u/s 80IA - mandatory requirement of filing of Audit Report - held that:- the Karnataka High Court in the case in THE COMMISSIONER OF INCOME TAX AND ANOTHER vs. ACE MULTITAXES SYSTEMS (P) LTD. (2009 -TMI - 34893 - KARNATAKA HIGH COURT), has held that when a relief is sought for under Section 80IB of the Act, there is no obligation on the part of the assessee to file return accompanied by the audit report, thereby, holding that the same is not mandatory. Therefore, it is clear that before the assessment is completed if such report is filed, no fault could be found against the assessee. Unesplained share allegation money - AO observed that the companies existed only on paper and the identity and creditworthiness of the companies who allegedly had paid the share application money and the genuineness of the transaction had not been proved - Held that:- in view of the decision of the Delhi High Court in COMMISSIONER OF INCOME TAX v. STELLAR INVESTMENT LTD.(1991 -TMI - 22311 - DELHI High Court), which judgement has been confirmed by the Honourable Apex Court in (2000 -TMI - 40317 - SUPREME Court). - Decided against the revenue.
|