Furnishing of audit report is directory and not mandatory

The issue in hand relates to allowability of enhanced claim of deduction of Rs.18,43,552/- u/s 80IB of the Act. It is an admitted position that the assessee is eligible for claim of reduction u/s 80IB of the Act, in as much as deduction claimed of Rs.41,83,813/- stand allowed during the original assessment and the impugned assessment too. However in the return filed in response to notice u/s 153A of the Act, the said claim has been enhanced by Rs,18,43,552/- on account of additional income declared in the return. It is also a matter of record and an undisputed position that the said additional...