TMI Blog2019 (8) TMI 1129X X X X Extracts X X X X X X X X Extracts X X X X ..... e Assessee did not furnish such audited report form as originally filed. It has been explained by the Assessee that in view of Rule 12(2) of Income Tax Act, 1962, which required returns filed electronically not to be accompanied by any document, the audit reports under Form No. 10CCB of Windmill Project I and II were in fact not required to be filed along with return of income of 2009-10. The requirement was subsequently introduced by amending the Rules by the Income Tax (Seventh Amendment) Rules 2013 with effect from 1st April, 2013. As a result these audit reports were filed in the course of assessment by letter dated 9th November, 2011 and this has not been disputed by the Revenue. Whether the claim can be raised in a revised return, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arat during FY 2004-05. The Respondent claimed Assessment Year (AY) 2009-10 is the first year of claim of deduction under Section 80IA of the Income Tax Act, 1961 ( Act ) in respect of these Windmills. This benefit is available for ten consecutive years out of fifteen years of beginning from the year in which the undertaking begins to generate powers in terms of 80IA (1) and (2) of the Act. 4. The original return of income for AYs 2009-10 was filed on 29th September, 2009 after setting-off unabsorbed depreciation from the above two windmill units [even though the same had been fully absorbed against the profits from the float glass business of the Respondent/Assessee for earlier years]. Accordingly deduction was claimed under Secti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Section 80AC of the Act states that the deduction under 80IA would not be allowable to an Assessee unless he furnishes a return of his income for such assessment year on or before the period specified under Section 139(1) of the Act . Under Section 80IA (7), the deduction under sub-Section 1 of 80IA shall not be admissible unless the accounts of the undertaking for the previous year relevant to the assessment year for which the deduction is claimed have been audited by an accountant and the Assessee furnishes on furnishing his return of income, the report of such audit in the prescribed form duly signed and verified by such accountant. 9. The admitted position that the Assessee did not furnish such audited report form as origina ..... X X X X Extracts X X X X X X X X Extracts X X X X
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