TMI Blog2019 (3) TMI 2024X X X X Extracts X X X X X X X X Extracts X X X X ..... ed for claim of deduction u/s 80IB accordingly, there is no merit in the action of the AO in declining the claim of deduction U/s 80IB. In the substantial interest of justice, we restore the matter back to the file of the AO with a direction to allow the claim of deduction U/s 80IB of the Act if the conditions specified therein are fulfilled by the assessee like completion certificate etc. Appeal of the assessee is allowed for statistical purposes only. - ITA No. 249/JP/2018 - - - Dated:- 27-3-2019 - SHRI RAMESH C SHARMA, ACCOUNTANT MEMBER For the Assessee : Shri Manish Agarwal (CA) For the Revenue : Ms. Anuradha (JCIT) ORDER PER: R.C. SHARMA, A.M. This is an appeal filed by the assessee against the order of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ered Accountant was filed before the Deputy Commissioner of Income Tax, Central Circle- II, Jaipur on 31.07.2013. Copy of Form No. 10CCB along with acknowledgment of deposit of the same was furnished before the Assessing Officer. Though the assessee had not filed the Form No. 10CCB electronically as required by the first proviso to Rule 12(2) of the Income Tax Rules, 1962, however, assessee had filed the report during the course of assessment proceedings. However, the Assessing Officer without appreciating the fact that the assessee had already filed the report in physical form in his office within the stipulated time period, disallowed the deduction claimed by the assessee U/s 80IB of the Act. 5. In support of his contention that mere n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f judicial precedents that before the assessment is completed, the declaration could be filed. In fact, the said issue came to be decided by the Karnataka High Court in the case in CIT v. ACE Multitaxes Systems (P.) LTD. [2009] 317 ITR 207(Kar.), wherein it was held that when a relief is sought for under Section 80IB of the Act, there is no obligation on the part of the assessee to file return accompanied by the audit report, thereby, holding that the same is not mandatory. Therefore, it is clear that before the assessment is completed if such report is filed, no fault could be found against the assessee. That was also the view of the Delhi High Court in the case in CIT v. Contimeters Electricals (P.) Ltd. [2009] 317 ITR 249/ 178 Taxman 422 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion of addition of Rs. 1,20,00,000/- made under Section 68 of the Act by the assessing officer as unexplained share application money, and the issue has been covered by the judgement of the Madras High Court in the case in CIT v. Gobi Textiles Ltd. [2007] 294 ITR 663/[2008] 170 Taxman 142(Mad.) holding against the Revenue. 11. In such view of the matter, the substantial question of law (2) also does not merit consideration. 12. In fact, to arrive at such conclusion, the Madras High Court has relied on the judgement of the Delhi High Court in CIT v. Stellar Investment Ltd. [1991] 192 ITR 287/ 59 Taxman 568(Delhi), which judgement has been confirmed by the Honourable Apex Court and the same was reported in CIT v. Steller Investment Ltd ..... X X X X Extracts X X X X X X X X Extracts X X X X
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