9911796707
TMI Blog2007 (7) TMI 706X X X X Extracts X X X X X X X X Extracts X X X X ..... dated 28-3-1994, passed by the Income-tax Appellate Tribunal, Chandigarh Bench in ITA Nos. 809 and 810/Chandi/92, relating to the assessment year 1990-91. It has been claimed that the following substantive question of law would arise for determination of this Court:- Whether, on the facts and in the circumstances of the case, the Tribunal was right in holing that prima facie adjustment made b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... de the Assessing Officer for rectification of the order and his application filed under section 154 of the Act was rejected on 12-8-1991. The assessee filed an appeal before the Commissioner of Income-tax (Appeals) but failed. The assessee was, however, able to persuade the Tribunal by showing that the firm had explained the reason for non-filing of the audit report, in its reply dated 5-8-1991. T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... T v. Punjab Financial Corpn. [2002] 254 ITR 61, wherein it has been held that the provisions of section 32AB(5) of the Act are not mandatory and the Assessing Officer has the discretion to entertain the audit report even though the same was not filed with the return by granting benefit of the deduction to the assessee in terms of section 32AB(1) of the Act. 3. Mr. Sanjeev Bansal, learned counse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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