Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2017 (3) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (3) TMI 1773 - AT - Income TaxDeduction admissible u/s 80IB - assessee has not submitted audit report in Form No.10CCB along with return filed originally u/s 139 - HELD THAT:- No doubt sub-section (7) of section 80IA requires the assessee to submit audit report along with return for claiming deduction under section 80IB. But in various authoritative pronouncements, it has been held that it is a directory requirement and not a mandatory one. If the assessee has submitted such report during the course of assessment proceedings, and the AO has benefit of such report while evaluating claim of the assessee about admissibility of such deduction, then such claim would not be rejected merely on the ground that audit report was not filed while filing return. The Hon’ble jurisdictional High Court in the case of Gujarat Oil & Allied Industries [1992 (9) TMI 67 - GUJARAT HIGH COURT] has considered this aspect while dealing with admissibility of deduction under section80IA. The Hon’ble Court was considering identical situation provided in section 80J(6A) and held that submission of audit report in support of claim admissible under section 80IB is a directory condition and if it is complied with even during the course of assessment proceedings, then deduction could not be disallowed to the assessee. CIT(A) has passed its decision relying rightly on the decision of Hon’ble jurisdictional High Court. No reason to interfere in the order of the CIT(A). Accordingly, appeal of the Revenue is dismissed.
|