Madras HC Upholds Section 80IA Deduction as Audit Report Filed Before Assessment Completion

CIT Vs Ramco Cements Limited (Madras High Court) The Madras High Court dismissed the Revenue’s appeal and upheld the orders of the Commissioner of Income Tax (Appeals) [CIT(A)] and the Income Tax Appellate Tribunal (ITAT), holding that, for the assessment year 2009-10, the requirement under Section 80IA(7) of the Income Tax Act to furnish an audit report along with the return of income was directory and not mandatory. The Court concluded that the statutory requirement stood satisfied if the audit report was furnished before the completion of the assessment proceedings. The respondent-ass...