2013 (11) TMI 735 - HC - Income Tax

Allowance of claim u/s 80J - Deduction in respect of profits and gains from newly established industrial undertakings or ships or hotel business in certain cases - Assessee failed to comply with the mandatory provisions of section 80J(6A) of the Income Tax Act, 1961 Held that - Reliance has been placed on the judgment in the case of Commissioner of Income-Tax Versus Jaideep Industries 1989 (4) TMI 35 - PUNJAB AND HARYANA High Court - No escape from the conclusion that the requirement of the audit report being filed along with the return of income is rendered mandatory by the provisions thereof - Deduction claimed shall not be admissible unless the assessee also furnishes along with the return, the audit report in the prescribed form duly signed and verified by the accountant Decided in favor of Revenue.

Summary

The High Court of Punjab & Haryana addressed a question regarding the claim u/s 80-J of the Income Tax Act. The court referred to a previous judgment in Commissioner of Income-Tax Versus Jaideep Industries 1989 ITR 81, which emphasized the mandatory requirement of filing the audit report along with the return of income for claiming deduction under section 80J(6A). The court ruled in favor of the Revenue, stating that the deduction claimed would not be admissible if the audit report was not submitted with the return of income.