9911796707
TMI Blog2023 (3) TMI 263X X X X Extracts X X X X X X X X Extracts X X X X ..... ns of section 12A(1)(b) is not mandatory. As we are faced with a decision of the Hon ble High Court on the issue, the decision of the Co-ordinate Bench of this Tribunal would not hold value of precedence. Thus, clearly, it is noticed that the audit has been done within time in the case of the assessee and it is only the audit report which has not been filed within the time prescribed. This is only a venial breach of the provisions. This being so, as also considering the fact that CBDT in its Instruction No.1/1148 has given the powers to the AO to condone the delay in filing of the audit report, we are of the view that the impugned assessee should not be denied the benefit of deduction u/s.11 12 of the Act on account of the said venial ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n its Chartered Accountant and Auditors for filing the return. The mistake done by the auditors should not put the assessee on a disadvantage position as long as the assessee has not been found to be perse at fault. It was the submission that various Courts have held that the filing of the audit report alongwith return of income is not mandatory. It was the submission that various Hon ble High Courts have also held that the filing of the audit report even before the appellate authority is sufficient compliance. It was the submission that the audit report has been filed on 21.11.2019 and the ld CIT(A) has adjudicated the appeal only on 10.3.2022. It was the submission that much before the appellate authority had adjudicated the appeal, the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in Form No.10B. Ld AR has also relied upon the decision of the Hon ble Karnataka High Court in the case of CIT vs ACE Multitaxes Systems Pvt Ltd., (2009) 317 ITR 207 (Kar), wherein, the Hon ble High Court following the decision of the Hon ble P H High Court in the case of CIT vs. Shahzedanand Charity Trust, 228 ITR 292 (P H), wherein, it has been held that the audit report u/s.12A(b) which is the audit report in Form 10B can be furnished at the appellate stage also, has held that the audit report having been filed, the assessee is entitled to deduction 80IB of the Act. 5. In reply, ld Sr DR relied upon the decision of the Co-ordinate Bench of Panaji Bench of this Tribunal in the case of Vice Chancellor, Vishweshwaraiah Technological Univ ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
