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2019 (5) TMI 1865 - AT - Income TaxExemption u/s 11 - assessee failed to file audit report in form 10B alongwith return of income as per the provisions of sect ion 12(1) (b) - HELD THAT:- We note that the assessee obtained the copy of the audit report in Form 10B on 13.08.2014 and the return of income was filed by the assessee on 30.09.2014. It was also brought to our notice that the assessee had suo-moto uploaded the audit report in Form 10B on 15.06.2015 which was successfully uploaded and the CPC, Bangalore has processed the return of income of the assessee only on 16.03.2016. Thus, the requirement of law that the assessee shall have its account audited has been complied within the time prescribed by the statute since the assessee has obtained the audit report in Form 10B on 13.08.2014 before the return of income was filed thereafter only on 30.09.2014. We note that the assessee has audited its account as per law and obtained copy of the audit report in Form 10B and also taking note the Hon’ble jurisdictional High Court High Courts held that the filing of furnishing the audit report along with the return of income is directory and not mandatory - See Garment Exporters Association of Rajasthan [2016 (7) TMI 709 - RAJASTHAN HIGH COURT], Bhawani Plywood (P) Ltd.[2007 (7) TMI 706 - PUNJAB AND HARYANA HIGH COURT], M/S KRISHI UPAJ MANDI SAMITI [2019 (1) TMI 1083 - RAJASTHAN HIGH COURT]. - Decided in favour of assessee.
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