Law:

Section:

2007] 292 ITR 147 [2007] 165 TAXMAN 135 (MP) HIGH COURT OF MADHYA PRADESH, INDORE BENCH Commissioner of Income-tax v. Panama Chemicals Works S.K. KULSHRESTHA AND N.K. MODY, JJ. IT REFERENCE NO. 1 OF 2001 AUGUST 29, 2006 Section 80-I of the Income-tax Act, 1961 - Deductions - Profits and gains from industrial undertakings, etc. after certain dates/infrastructure undertakings - Whether when assessee fails to file audit report in Form No. 10CCB along with return and files it subsequently, but before completion of assessment, it will not be fatal to claim of assessee under section 80-I and ITO will have power to accept same if he is satisfied that delay in filing same was for good and sufficient reasons - Held, yes FACTS The assessee claimed deduction under section 80-I. The Assessing Officer rejected the claim of the assessee on the ground that the audit report in Form No. 10CCB was not submitted along with the return. On appeal, the Commissioner (Appeals) directed the Assessing Officer to allow deductions under section 80-I. On revenue's appeal, the Tribunal held that the claim of the assessee under section 80-I was justified even if he had not filed the audit report in Form No. 10CCB along with return of income. On reference : HELD If, in a given case, the assessee fails to file audit report along with the return and files it subsequently, but before completion of the assessment, it will not be fatal to the claim of the assessee and the ITO will have the power to accept the same if he is satisfied that the delay in filing the same was for good and sufficient reasons. It is not disputed that return was filed in time. The question that had been raised was as to what would be the effect if Form No. 10CCB was filed later on during pendency of the assessment. It was not disputed that the report in the prescribed Form No. 10CCB was filed by the assessee before completion of the assessment. It was, therefore, clear that the assessee complied with all the provisions of law except that in submission of Form No. 10CCB, there was delay. [Para 6] Even if an assessee fails to file information in Form No. 10CCB along with the return, he cannot be divested of the benefit of…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492