Tribunal had arrived at the correct conclusion that the requirement of filing of audit report along with the return was not mandatory but directory and that if the audit report was filed at any time before the framing of the assessment, the requirement of section 80IA(7) would be met.
HIGH COURT OF DELHI AT NEW DELHI
Judgment delivered on : 02.12.2008
ITA No.1366/2008
COMMISSIONER OF INCOME TAX
versus
CONTIMETERS ELECTRICALS PVT. LTD.
CORAM :- HON’BLE MR JUSTICE BADAR DURREZ AHMED
HON’BLE MR JUSTICE RAJIV SHAKDHER
JUDGMENT
BADAR DURREZ AHMED, J (ORAL)
This appeal by the revenue under Section 260A of the Income Tax Act, 1961 arises from the order dated 18.01.2008 passed by the Income Tax Appellate Tribunal in ITA No. 1870(Del)2007 relating to the assessment year 2003-04. The revenue is aggrieved by the fact that the Tribunal held that the order passed by the Commissioner of Income Tax under Section 263 of the said Act was without jurisdiction.
The Commissioner of Income Tax had issued a notice under Section 263 of the said Act, in which it was stated that the assessee was not entitled to the deduction under Section 80-IA as the assessee did not fulfill the condition laid down in Section 80IA(7). Section 80IA(7) reads as under:-
