Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2019 (8) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (8) TMI 1129 - HC - Income TaxBenefit of deduction u/s 80IA - assessee raised revised claim before AO - audit reports under Form No. 10CCB filed at the time of assessment - whether ITAT had overlooked Section 80AC read with 80IA (7) ? - HELD THAT:- Deduction under sub-Section 1 of 80IA shall not be admissible ‘unless the accounts of the undertaking for the previous year relevant to the assessment year for which the deduction is claimed have been audited by an accountant’ and the Assessee furnishes on furnishing his return of income, the report of such audit in the prescribed form duly signed and verified by such accountant. The admitted position that the Assessee did not furnish such audited report form as originally filed. It has been explained by the Assessee that in view of Rule 12(2) of Income Tax Act, 1962, which required returns filed electronically not to be accompanied by any document, the audit reports under Form No. 10CCB of Windmill Project I and II were in fact not required to be filed along with return of income of 2009-10. The requirement was subsequently introduced by amending the Rules by the Income Tax (Seventh Amendment) Rules 2013 with effect from 1st April, 2013. As a result these audit reports were filed in the course of assessment by letter dated 9th November, 2011 and this has not been disputed by the Revenue. Whether the claim can be raised in a revised return, it seems to be answered in favour of the Assessee and against the Revenue by the judgment of this Court in CIT v. Jai Parabolic Springs Limited [2008 (4) TMI 3 - DELHI HIGH COURT] . In the said decision this Court has recognized that the powers of the ITAT are wide enough to admit a claim for deduction to be made by way of a revised return. - Decided in favour of assessee.
|