9911796707
TMI Blog2025 (1) TMI 596X X X X Extracts X X X X X X X X Extracts X X X X ..... Assessee. The only reason for denying the exemption that the Assessee has filed Audit Report in Form No. 10B beyond the extended due date. We find that similar issue has been considered in the case of CIT Vs. A K S Alloys Pvt. Ltd. [ 2011 (12) TMI 39 - MADRAS HIGH COURT] wherein held that filing of Audit Report along with the Return is not mandatory, but directory and if the Audit Report was filed at any time before framing the assessment, the requirement of the provision of the Act should be held to have been met. Also see M/S SURYA MERCHANTS LTD. [ 2016 (5) TMI 947 - ALLAHABAD HIGH COURT] . Thus, we hold that filing of audit report in Form 10B before the due date for filing of return of income u/s 139(1) is only directory and direct the A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng NIL income after claiming exemption u/s 11 and 12 of the Income Tax Act, 1961 ( Act for short) and the Assessee not filed Form 10B before filing the said return. The Assessee uploaded Audit Report dated 23/09/2022 in Form No. 10B in online on 21/10/2022. Since the Audit Report was filed beyond extended the date i.e. 07/10/2022, while processing the return income, the A.O. denied exemption u/s 11 of the Act to the tune of Rs. 60,85,891/-, accordingly, a communication dated 04/02/2023 by the A.O/CPC proposing to make addition. Aggrieved by the intimation issued u/s 143(1) of the Act dated 31/03/2023 has been issued the Assessee preferred an Appeal before the Ld. CIT(A). The Ld. CIT(A) vide order dated 26/12/2023, dismissed the Appeal of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Assessee. The only reason for denying the exemption that the Assessee has filed Audit Report in Form No. 10B beyond the extended due date. 7. We find that similar issue has been considered by the Hon ble Madras High Court in the case of CIT Vs. A K S Alloys Pvt. Ltd. 18 Taxman.com 25 wherein the Hon'ble High Court held that filing of Audit Report along with the Return is not mandatory, but directory and if the Audit Report was filed at any time before framing the assessment, the requirement of the provision of the Act should be held to have been met. The relevant portion of the Judgment are as under:- 5. In so far as it relates to the substantial question of law (1) is concerned, namely, whether the filing of audit report in Form 10 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... art from Gujarat High Court in zenith Processing Mills v. CIT-(1996) 219 ITR 721 and Panjab and Haryana High Court in CIT V. Mahalaxmi Rice Factory (2007) 294 ITR 631. 7. The Culcutta High Court in the case in THE COMMISSIONER OF INCOME TAX V. BERGER PAINTS (INDIA) LTD (NO.2) has also concurred with the said view which was followed by the Tribunal in this case. 8. Mr.T.Ravikumar, the learned counsel for the appellant is not able to produce any other judgement contrary to the above said views consistently taken. 9. In the light of the above, by virtue of hierarchy of judgements which are against the Revenue, the substantial question of law (1) would not arise at all for consideration. 8. Similar view has been taken by the Hon'ble Allahab ..... X X X X Extracts X X X X X X X X Extracts X X X X
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