Case Law Details
Neptune Snowden Peak Co-op Housing Society Ltd Vs ITO (ITAT Mumbai)
Briefly stated, common facts necessary for adjudication of the controversy at hand are – assessee being a co-operative housing society, filed the return of income which was processed under section 143(1) of the act by the Deputy Commissioner of Income-tax, Central Processing Centre (CPC), Bangalore and thereby raised a demand of Rs.2,00,640/- for the year under consideration, by making a disallowance of deduction claimed by the assessee amounting to Rs.5,24,583/- under section 80P(2)(d) of the Income-tax Act, 1961.
Ld. CIT(A) has not decided this appeal on merit, rather dismissed the same on technical ground that the assessee has failed to annex the Auditor’s Report alongwith the return of income under section 44AB of the Act before the prescribed date of filing. Ld. CIT(A) also recorded in the impugned order that assessee has failed to adduce any evidence for filing Auditor’s Report before the due date. These facts have not been controverted by Ld.AR for the assessee.
ITAT held that when assessee filed return of income well before due date, but due to inadvertence, not filed independent auditor’s report, which it has filed later on, the claim of assessee /- under section 80P(2)(d) of Income-tax Act, 1961, if otherwise admissible, cannot be denied.
FULL TEXT OF THE ORDER OF ITAT MUMBAI
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