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2019 (3) TMI 2024 - AT - Income TaxDeduction u/s 80IB - Denial of claim as assessee has failed to file the audit report in Form No. 10CCB online as required in Rule 12(2) of the Income Tax Rules, 1962 - HELD THAT:- Since AO has out rightly declined the assessee’s claim of deduction U/s 80IB of the Act merely for non-filing of report electronically, there is no merit in the action of the AO to decline claim of deduction U/s 80IB, unless the assessee had failed to fulfill the conditions stipulated U/s 80IB in respect of housing project. No where the AO has pointed out failure of the assessee to fulfill any of the conditions required to be fulfilled for claim of deduction u/s 80IB accordingly, there is no merit in the action of the AO in declining the claim of deduction U/s 80IB. In the substantial interest of justice, we restore the matter back to the file of the AO with a direction to allow the claim of deduction U/s 80IB of the Act if the conditions specified therein are fulfilled by the assessee like completion certificate etc. Appeal of the assessee is allowed for statistical purposes only.
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