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TMI Blog2019 (2) TMI 2109X X X X Extracts X X X X X X X X Extracts X X X X ..... e return of income. AO is expected to accept the report when it is filed at the time of assessment. The claim of the assessee can be submitted only at the time of assessment when the case is selected for scrutiny. AO has to consider the submissions of the assessee when it is filed at the time of assessment. Even otherwise, the filing of report is curable even if it is not submitted along with the return of income. This cannot be the reason for the AO to deny the benefit which is lawfully eligible. Therefore, we direct the AO to accept the audit report and allow the benefit u/s 50B to the assessee. Accordingly, grounds raised by the assessee on this issue are allowed. - SMT. P. MADHAVI DEVI, JUDICIAL MEMBER AND SHRI S. RIFAUR RAHMAN, ACCOU ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s. 20 lakhs gain was offered for taxation as per the provisions of the Act. 2.2 The AO after considering the submissions of the assessee, observed that as per the provisions of section 50B(3) of the Act, the assessee required to furnish in the prescribed form 3CEA along with the return of income, certified by an Accountant. He noted that assessee did not file form 3CEA along with return of income, but, the same was submitted during the course of hearings. The AO, therefore, did not allow the rebate in the income tax and the profit of Rs. 20 lakhs was treated as short profit and added to the total income on the reason that the assessee did not comply with the provisions of section 50B(3). He calculated the tax on Rs. 20,00,000/- on higher ra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hich is filed before us. 6. The ld. DR, on the other hand, relied on the orders of revenue authorities. 7. Considered the rival submissions and perused the material on record. We notice that assessee has applied concessional tax u/s 50B in the return of income. It is a fact that audit report was not filed at the time of filing of return of income in the AY under consideration. There is no possibility that assessee is expected to file the report along with the return of income, when there is provision to file with the return of income. As long as, it is submitted at the time of assessment, it is as if filed along with the return of income . The AO is expected to accept the report when it is filed at the time of assessment. The claim of the a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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