TMI Blog2007 (7) TMI 283X X X X Extracts X X X X X X X X Extracts X X X X ..... r a co-operative society whose accounts were separately required to be audited under the Act. This is a case of an individual and tax audit is required under clause (BB) of the Explanation to section 44AB which was eventually filed and furnished – consequently tribunal rightly held that assessee was entitled to the benefit of deduction u/s 80HHC - 270 of 1995 - - - Dated:- 9-7-2007 - M. M. KUMA ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1?" 2. The facts as revealed by the statement of the case are that the assessee is an individual and exporter for the last so many years. He got his accounts audited on October 16, 1991, and obtained a report under section 44AB of the Act and under section 80HHC of the Act in the prescribed form from his chartered accountant. He filed his return on December 17, 1991. However, the report under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lication under section 154 of the Act on January 31, 1992. The Assessing Officer vide his order dated February 18, 1992, rejected the application. The assessee filed appeal before the Commissioner of Income-tax (Appeals) against the order dated February 18, 1992. The Commissioner of Income-tax (Appeals) uphold the order of the Assessing Officer and dismissed the appeal on September 25, 1992. Howev ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 80HHC of the Act was admissible to the assessee. 4. The question as to whether the Assessing Officer has the discretion to entertain the audit report later in point of time though the same was not filed with the return for granting the benefit of deduction to the assessee in terms of section 32AB(1) of the Act has been considered by the Full Bench of this court in the case of CIT v. Punja ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pinion of this court has to be answered in favour of the assessee and against the Revenue by holding that the Tribunal has rightly held that the assessee is entitled to the benefit of deductions under section 80HHC of the Act. 6. In view of the above, the question referred for the opinion of this court is answered in favour of the assessee and against the Revenue. The reference is disposed of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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