TMI Blog2018 (3) TMI 1937X X X X Extracts X X X X X X X X Extracts X X X X ..... e case of Kewal Kiran Clothing Pvt. Ltd. [ 2015 (4) TMI 1323 - ITAT MUMBAI] had the occasion to consider an identical issue wherein the claim of deduction u/s. 80IB of the Act was for the tenth year and held that since the assessee has filed the audit report before the ld. CIT, no adverse inference should be drawn in proceedings u/s. 263 of the Act. Claim of deduction u/s. 80IB of the Act is for the tenth year which means that the A.O. had allowed the claim of deduction in previous nine years. Therefore, we have no hesitation to hold that the assumption of jurisdiction u/s. 263 of the Act is bad in law. Allegation that the assessee is not registered as an SSI Unit is concerned, we find that u/s. 80IB (14) clause G, there is no such r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... come of ₹ 5,63,43,150/- was assessed at ₹ 5,68,07,060/-. Assuming the jurisdiction bestowed upon him by the provisions of Section 263 of the Act. The ld. CIT issued notice dated 22.01.2014 which is as under:- Date: 22.01.2014 To, M/s. Manilal Dayalji Company Gola Bidi Works, Amapara, Ward, Sadar Bazar, Raipur. PAN : AAGFM4587N SUBJECT: NOTICE U/S 263 OF INCOME-TAX ACT, 1961 FOR A.Y. 2009-10 REGARDING On examination of your Income tux records for the above assessment year, 1 find that the order passed u/s 143(3) on 23.12.2011 of the Income tax Act 1961 is erroneous in so far as it is prejudicial to the interest of revenue in the following manner: On verification of your record it is found that: ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the I.T. Act. 1961. 5. A perusal of the afore-stated facts shows that the first allegation of the ld. CIT is that the assessee has neither produced certificate from competent authority nor has submitted the audit report in form 10CCB. 6. Insofar as the non submission of the audit report is concerned, the Hon ble High Court of Madhya Pradesh in the case of Medicaps Ltd. 323 ITR 554 has upheld the findings of the Tribunal which held that the audit report is procedural and directory in nature and the same can be filed at the appellate stage. It is a fact that the audit report was made available to the ld. CIT during the proceedings u/s. 263 of the Act. 7. ITAT Mumbai Bench in the case of Kewal Kiran Clothing Pvt. Ltd. in ITA No. 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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