Case Law Details
Issue- Whether Income Tax Appellate Tribunal was correct in law, under the facts and circumstances of the case in holding that furnishing of the report in form No. 10CCB as per the requirement of Section 80IB (13) read with Section 80IA (7) is only directory and not mandatory and allowing the claim of the Assessee on the basis of report furnished in the course of assessment proceedings.
Held by High Court
1. With regard to question no. 2 above in ITA No. 73 of 2010, we are of the view that it is not mandatory. This question is regarding filing of audit report in form 10CCB. If it is not filed alongwith return but filed before assessment, will it amount to non-compliance of Section 80IB (13) read with Section 80IA (7).
2. In CIT Vs. Ace Multitaxes System (P) Ltd. [2009] 317 ITR 207 (Karnataka), it was held that when a relief is sought for under Section 80-IB of Act, 1961, there is no obligation on the part of Assessee to file return accompanied by audit report, thereby, holding that same is not mandatory.
3. Same view was taken by Delhi High Court in CIT Vs. Contimeters Electrical (P) Ltd. [2009] 317 ITR 249; by Madras High Court in CIT Vs. Jayant Patel [2001] 248 ITR 199.
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