2001 (10) TMI 751

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..... Appeals) relating to assessment year 1990-91. The department has objected the direction of the Commissioner (Appeals) to allow exemption under section 11 ignoring the fact that statutory requirement of furnishing audit report under section 12A along with the return was not complied with. The assessment in this case was completed under section 144 and as per order of the Assessing Officer no report .....

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..... er. On the other hand, the counsel of the assessee placed reliance on the order of the Commissioner (Appeals). It was further submitted that even on merit this is not a case of addition because of corpus funds received during the year were much less than the expenses incurred during the year. The attention of the Bench was drawn on balance-sheet and profit loss account of the year. 3. After co .....

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