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2022 (9) TMI 340 - AT - Income TaxDeduction u/s. 80-IA - Claim denied as return of income was not accompanied by the mandatory audit report as prescribed in Form No.10CCB - HELD THAT:- Admittedly the assessee has filed return of income claiming deduction u/s. 80IA of the Act on 31.10.2017, but audit report in Form No.10CCB for claiming deduction u/s. 80-IA was filed on 13.11.2017 and the evidence of the same was placed on record. The processing of return u/s. 143(1) was done by the A.O, CPC, Bengaluru and issued intimation dated 23.03.2019, which is much after the filing of audit report. Once, this is a fact, this issue is clearly covered by the decision of AKS Alloys (P.) Ltd. [2011 (12) TMI 39 - MADRAS HIGH COURT] and which was affirmed by the Hon’ble Supreme Court in the case of CIT v. G.M. Knitting Industries (P.) Ltd. [2015 (11) TMI 397 - SC ORDER]. We have also gone through the case law of Hon’ble Supreme Court in the case of PCIT v. M/s. Wipro Ltd [2022 (7) TMI 560 - SUPREME COURT] wherein the Hon’ble Supreme Court has categorically made distinction between the exemption clauses and deduction clauses of the Act. Thus we are of the view that once the assessee has filed an audit report in Form No.10 CCB on 13.11.2017 and processing of return u/s. 143(1) of the Act was done by the A.O, CPC, Bengaluru on 23.03.2019, which is an event much after, the assessee is fully entitled to claim deduction u/s. 80-IA of the Act. We hold so. Accordingly, the orders of the lower authorities are set aside and claim of deduction u/s. 80-IA of the Act of the assessee is allowed. Thus, the appeal of the assessee is allowed.
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