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2018 (3) TMI 1937 - AT - Income TaxRevision u/s 263 by CIT - Wrongful allowance of deduction u/s 80IB - assessee has neither produced certificate from competent authority nor has submitted the audit report in form 10CCB - HELD THAT:- Insofar as the non submission of the audit report is concerned, as in the case of Medicaps Ltd.[2010 (1) TMI 261 - MADHYA PRADESH HIGH COURT] has upheld the findings of the Tribunal which held that the audit report is procedural and directory in nature and the same can be filed at the appellate stage. It is a fact that the audit report was made available to the ld. CIT during the proceedings u/s. 263 of the Act. In the case of Kewal Kiran Clothing Pvt. Ltd. [2015 (4) TMI 1323 - ITAT MUMBAI] had the occasion to consider an identical issue wherein the claim of deduction u/s. 80IB of the Act was for the tenth year and held that since the assessee has filed the audit report before the ld. CIT, no adverse inference should be drawn in proceedings u/s. 263 of the Act. Claim of deduction u/s. 80IB of the Act is for the tenth year which means that the A.O. had allowed the claim of deduction in previous nine years. Therefore, we have no hesitation to hold that the assumption of jurisdiction u/s. 263 of the Act is bad in law. Allegation that the assessee is not registered as an SSI Unit is concerned, we find that u/s. 80IB (14) clause G, there is no such requirement. Therefore, it cannot be said that the assessment order is erroneous and prejudicial to the interest of the revenue to this extent also. Interest on I.T. refund - we find that the assessee has furnished the copy of interest account before the ld. CIT showing that the assessee has already credited the interest amount to interest account. Therefore, there is no question of any under assessment. We set aside the order of the ld. CIT and restore that of the A.O. framed u/s. 143(3) - Decided in favour of assessee.
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