TMI Blog2019 (5) TMI 1865X X X X Extracts X X X X X X X X Extracts X X X X ..... aw that the assessee shall have its account audited has been complied within the time prescribed by the statute since the assessee has obtained the audit report in Form 10B on 13.08.2014 before the return of income was filed thereafter only on 30.09.2014. We note that the assessee has audited its account as per law and obtained copy of the audit report in Form 10B and also taking note the Hon ble jurisdictional High Court High Courts held that the filing of furnishing the audit report along with the return of income is directory and not mandatory - See Garment Exporters Association of Rajasthan [ 2016 (7) TMI 709 - RAJASTHAN HIGH COURT] , Bhawani Plywood (P) Ltd.[ 2007 (7) TMI 706 - PUNJAB AND HARYANA HIGH COURT] , M/S KRISHI UPAJ MA ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f income u/s. 143(3), the AO vide intimation dated 16.03.2016 issued u/s. 143(1) of the Act disallowed the claim of the assessee for exemption of ₹ 94,98,048/- claimed by the assessee u/s. 11 of the Act. The assessee after having learned about the disallowance of the exemption, filed an application u/s. 154 of the Act on-line on 09.09.2017 with CPC, Banglore requesting the AO to allow the exemption as claimed by the assessee in return of income filed by it. The AO (DCIT, CPC., Banglore) rejected the request for rectification filed by the assessee vide order dated 15.09.2017 by observing as under: Subject: Rejection of request for Rectification, under section154 of the Income Tax Act,1961 reg. Please refer to the rectificat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ional High Court in the case of CIT Vs. Dr. Sh. L. M. Singhvi (2007) 289 ITR 425 (Raj.) was pleased to give relief to the assessee. Aggrieved, the revenue is before us. 4. We have heard rival submissions and gone through the facts and circumstances of the case. We note that the assessee obtained the copy of the audit report in Form 10B on 13.08.2014 and the return of income was filed by the assessee on 30.09.2014. It was also brought to our notice that the assessee had suo-moto uploaded the audit report in Form 10B on 15.06.2015 which was successfully uploaded and the CPC, Bangalore has processed the return of income of the assessee only on 16.03.2016. Thus, the requirement of law that the assessee shall have its account audited has been ..... X X X X Extracts X X X X X X X X Extracts X X X X
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