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TMI Blog2014 (5) TMI 317X X X X Extracts X X X X X X X X Extracts X X X X ..... erred in deleting the disallowance of deduction of Rs. 9,53,519/- made by the A.O. since assessee has claimed the said deduction u/s 80IB of the I.T. Act, 1961without furnishing mandatory audit report in prescribed proforma (Form No. 10CCB) which is eligibility condition to avail deduction u/s 80IB of the Act, 1961. 3. The appellant craves to add, alter, amend, modify, add or forego any ground of appeal at any time before or during the hearing of this appeal. " 3. Brief facts of the case as stated by the ld CIT(A) is reproduced here as under:- "The assessee company has claimed deduction u/s 80-IB in the Assessment Year 2005-06. A form No. 10CCB has been incorporated along with the return. But the said form does not provide all the detail ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mandatory audit report in Form No. 10CCB prescribed by the statute to be eligible for claiming the deduction. According to the ld DR since the form furnished by the assessee did not provide all the details required as per the requirement of Income Tax Rules enumerated in Form No. 10CCB read with rule 18BBB, the audit party has correctly pointed out the fact that the assessee has failed to satisfy the eligibility requirement to claim the said deduction u/s 80IB of the Act. And since the assessee has wrongly claimed the deduction by filing the out-dated form (10CCB) for the Assessment Year and since the Assessing Officer had not noticed the said fact, the audit objection is valid as per the Apex Court‟s decision in CIT vs. P. V.S. Beed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... paper Society Vs. CIT 119 ITR 996 (SC) to buttress the above prepositions of law. The ld AR contended that inadvertently, the assessee filed the audit report in the old format of Form No. 10CCB, instead of the new format and during the re-assessment proceeding before the Assessing Officer, the assessee has filed the revised Form NO. 10CCB and also during the appellate proceedings before the ld CIT(A). The ld AR also stated that the copy of the audit report in the correct form No. 10CCB was filed before the ld CIT(A) during the course of appellate proceedings, which is materially not much different as compared to the audit report in the old format filed along with return of income and there was no escapement of income. The ld AR on the merit ..... X X X X Extracts X X X X X X X X Extracts X X X X
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