AO cannot ignore Audit Report filed during assessment proceedings

Rajesh Mittal Vs ITO (ITAT Dehradun) The only issue pertains to application of provisions u/s 44AD of the Income Tax Act, 1961. The assessee earned income from sale & purchase of derivatives which the AO held that the same should be treated as business income. The assessee has also incurred losses in the derivatives trading which have been duly filed before the AO. The AO held that the tax Audit Report has not been filed before the due date and ignored the Audit Report filed during the course of assessment proceedings. While different provisions govern the delay in filing of tax Audit Repo...