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TMI Blog2022 (5) TMI 1659X X X X Extracts X X X X X X X X Extracts X X X X ..... 2019-20. 2. Though the assessee has taken six grounds of appeal but its grievance revolves around a single issue, namely, that the ld. CIT(A) has erred in upholding the disallowance of deduction amounting to Rs.3,92,08,790/- claimed u/s 80IC of the Act. 3. Brief facts of the case are that the assessee filed its return of income for the year under consideration on 30/10/2019 declaring total income of Rs.11,06,63,550/-. This return was proposed to be processed u/s 143(1) of the Act and the first proposal to make adjustment was intimated to the assessee vide notice dt. 20/03/2020. According to the assessee, it has not filed Form No. 10CCB in support of its claim of deduction u/s 80IC of the Act, along with the return. However, it was submit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ith the return. It was submitted later during the assessment proceedings. Under these circumstances, the Courts have held that deduction u/s.80IB/801C can be allowed. However, in appellant's case, audit report in Form No.10CCB was obtained after the due date. Hence, assessee's case is distinguishable on facts. Further, the relevant columns of the audit report have not been filled up. Under these circumstances, the adjustments made by the CPC are justified. Hence, addition of Rs.3,92,08,970/- is confirmed." 6. The ld. Counsel for the assessee, at the outset on the strength of the decisions rendered by the Hon'ble Madhya Pradesh High Court in the case of CIT vs. Panama Chemical Works reported in 292 ITR 147, submitted that the non-submi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... en according to the decisions referred by the ld. Counsel for the assessee, this irregularity is not fatal enough to deny the claim of deduction u/s 80IC of the Act. More so, when in response to the first proposed adjustment, the assessee has reiterated submission of Form 10CCB. As far as the arguments raised by the ld. D/R is concerned, if a disallowance is to be made after filing of Form 10CCB, then it is a debatable issue and the same is not permissible u/s 143(1) in a prima facie adjustment and the assessee should have been given a notice for that. In other words, if a disallowance is required to be established by arguments and long drawn process of reasoning on points, which there may conceivably be two opinions about, then the case sh ..... X X X X Extracts X X X X X X X X Extracts X X X X
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