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TMI Blog2012 (9) TMI 1049X X X X Extracts X X X X X X X X Extracts X X X X ..... nce would suffice. In that case, the assessee had not produced the audit report along with the return of income, but produced before completion of the assessment. Benefit of exemption should not be denied merely on account of delay in furnishing the same, and it is permissible for the assessee to produce the audit report at a later stage either before the Income Tax Officer or before the appellate authority by showing a sufficient cause - decided in favour of assessee X X X X Extracts X X X X X X X X Extracts X X X X ..... d its return of income for the Assessment Year 2006-07. On verification, the Assessing Officer noticed that the assessee had not furnished audit report in Form No.10B, which was compulsory requirement for eligibility of exemption under section 11A of the Act as stated in section 12A(b) read with Rule 17B of the Income Tax Rules, 1962. Assessee was issued show cause notice as to why exemption claimed by it under section 11 should be disallowed. The Assessing Officer passed order denying the exemption. He taxed gross receipts without granting deduction of expenditure. 3.2 In the appeal preferred by the assessee, the Commissioner of Income-tax (Appeals) permitted the assessee to file the audit report and directed to accept the same by his ord ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d form was obtained prior to filing of the return on 20/12/2006; therefore, there was no reason for the assessee to keep the audit report with it in order to loose the exemption. The assessee in the earlier as well as in the subsequent assessment years filed the audit report and got the exemption. The conduct of the assessee in earlier year and subsequent years would prove that due to the facts stated above there was delay in filing the audit report and the contention of the assessee was supported by the affidavit of Mohmad Iqbal Vohra (PB-4). The learned CIT(A) on proper appreciation of the facts and material on record in the light of the decisions of the Hon'ble Punjab & Haryana High Court and the Hon'ble Calcutta High Court right ..... X X X X Extracts X X X X X X X X Extracts X X X X
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