Case Law Details
The Dadabhai Kavasji Tata School Trust Vs ITO (ITAT Mumbai)
Provisions of section 12A(1)(b) requiring the assessee to furnish audit report has been amended w.e.f. 1.4.2020. Prior to the amendment, the audit report has to be filed along with the return of income. Requirement of furnishing audit report before the due date prescribed in section 44AB has been made mandatory w.e.f. 1.4.2020 only.
In the instant case, we noticed earlier that the assessee has filed audit report in Form No. 10B along with the return of income filed on 30.3.2017. We noticed that the requirement of filing audit report before the date prescribed in sec.44AB has been brought into the statute only w.e.f 1.4.2020, i.e., from AY 2020-21. Accordingly, in the assessment year under consideration, viz., AY 2015-16, the requirement under the Act was to file audit report along with the return of income. Accordingly, in our view, the assessee has complied with the conditions prescribed in sec. 12(1)(b) by furnishing audit report along with the return of income.
In view of the above said discussions, in our view, both the Assessing Officer and Ld CIT(A) were not justified in rejecting the claim for deduction under section 11(1)(a) of the Act.
FULL TEXT OF THE ORDER OF ITAT MUMBAI
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For technical defaults like delay filing of returns or reports, the statutory deductions or exemptions should be allowed if the assessee fulfill the basis compliance to meet justice.