2015 (7) TMI 804 - HC - Income Tax

Entitlement for deduction under Section 10-B - ITAT allowing claim even though the assessee did not file the audit report in the prescribed form along with the return of income, as required under that section - Held that - The issue involved in this appeal is covered by a decision of this Court reported in CIT Vs Print System & Products (2006 (2) TMI 120 - MADRAS High Court) in favour of the assessee wherein held that the filing of the audit report along with the return, as contemplated under section 32AB(5) of the Act, is only directory and not mandatory. - Decided in favour of assessee.

Summary

The High Court of Madras dismissed the appeal regarding the entitlement for deduction under Section 10-B, as it was found that the issue was already covered by previous court decisions in favor of the assessee. The appeal was dismissed accordingly. (Case citation: 2015 (7) TMI 804 - MADRAS HIGH COURT)