TMI Blog2011 (10) TMI 681X X X X Extracts X X X X X X X X Extracts X X X X ..... nterest charged u/s.234B of Income Tax Act, 1961. 2. Facts in brief as emerged from the corresponding assessment order passed u/s.143(3) r.w.s. 263 of the I.T. Act, 1961 dated 31.07.2009 were that the assessee-company during the year was engaged in the business of manufacturing of texturised and twisted yarn. It was noticed by the Assessing Officer that the assessee has claimed a deduction u/s.80-IB(4) of ₹ 3,27,718/-. It was also noticed by the Assessing Officer that in respect of the said claim the assessee has not furnished the Audit Report on the prescribed form. It was also noted by the Assessing Officer that the assessee has claimed deduction u/s.80IB(4) on the commission amount as well. As far as the question of claiming of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at Oil and Allied Industries (1993) 201 ITR 325 (Guj.) 4. CIT vs. Contimeters Electricals Pvt.Ltd. (2009) 317 ITR 249 (Del) 5. CIT vs. Panama Chemicals Works (2007) 292 ITR 147 (M.P.) 6. CIT vs. Jayant Patel (2001) 248 ITR 199 (Mad.) 7. CIT vs. Mahalaxmi Rice Factory (2007) 294 ITR 631 (P H) 5.1. In the case of CIT vs. Valli Cotton Traders P.Ltd.(supra), it was held as under:- Held, that section 139(5) of the Act enables the assessee, who, having furnished a return under section 139(1) or in pursuance of a notice issued under section 142(1), discovers any omission or any wrong statement therein, to furnish a revised return at any point of time before the expiry of one year from the end of the assessment year or before th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessment, the requirement of section 80-IA(7) would be met. The Tribunal was also right in holding that the Commissioner did not even call for any explanation of the a and the issue of fulfillment of the conditions of section 80-IA had not been part of the showcause notice. Therefore, it could not form the basis for revision of the assessment order under section 263. No substantial question of law arose. 6. Since the admitted factual position is that the impugned Audit Report was furnished by the assessee during the assessment proceedings, therefore the reason assigned by the authorities below for rejection of the claim cannot be approved by respectfully following the above decisions. We hereby reverse the findings of the author ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
