TMI Blog2011 (11) TMI 808X X X X Extracts X X X X X X X X Extracts X X X X ..... cal ground raised in both the appeals is against the learned CIT(A) s order in holding that the Assessing Officer was justified in disallowing the assessee s claim of deduction under sec. 80IB for the reason that the assessee had failed to furnish the audit report in Form 10CCB along with the return of income filed by the assessee. 3. In the Assessment Year 2003-04, the assessee filed its return of income, originally on 2.12.2003 declaring total income at ₹ 1,05,70,393/-. Thereafter, the assessment was completed under sec.143(3) determining total income at ₹ 1,07,70,393/- vide order dated 24.10.2005. Thereafter, the assessee s case was reopened under sec. 147 of the Act by issuing notice under sec.148 dated 10.12.2008, for th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on that the assessee was not entitled to a deduction claimed under sec. 80-IB for the reason that the assessee had not enclosed the audit report in prescribed Form 10CCB along with the original return of income filed by it. For the similar reason as given in Assessment Year 2003-04, the assessee s claim of deduction of ₹ 81,37,603/- under sec. 80-IB was not allowed in the reassessment made under sec. 143(3)/147 of the Act, which has been upheld by the learned CIT(A) by giving the identical reasons as given in the Assessment Year 2003-04. 5. Hence, the assessee is in appeal before us in both the Assessment Years. 6. We have heard both the parties and perused the material on record. 7. It is not in dispute that in the original ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t under sec. 147 of the Act was made. The claim of the assessee u/s 80-IB has been disallowed in the reassessment made under sec. 147 of the Act though the same was allowed in the original assessment made under sec. 143(3) of the Act. In the case of CIT vs. Gujarat Oil Allied Industries, 201 ITR 325 (Guj.), the Hon ble Gujarat High Court has taken a view that the requirement of filing of an audit report under sec. 80J(6A), which is similar to that of sec. 80-IA(7), is to be taken as a directory in nature, and in case, the audit report is submitted at any time before framing of the assessment, there will be substantial compliance with the provisions of sec. 80J(6A) of the Act. An identical view has also been taken by the Hon ble Madras Hig ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ement of filing the audit report for claiming the deduction under sec. 80-IB has been satisfied by the assessee, and therefore, on this reason alone, the assessee s claim of deduction under sec. 80-IB is not disallowable. We, therefore, delete the disallowance of assessee s claim made under sec. 80-IB of the Act as the assessee has satisfied the condition of filing audit report during assessment proceedings initiated under sec. 147 of the Act. The Assessing Officer shall modify the assessment order accordingly. 9. In the course of hearing of these appeals, the assessee has also challenged the validity of proceedings under sec. 147 of the Act as well as the assessment made under sec. 147 of the Act on various grounds. Since the main issue ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
