| The Tax Publishers2019 TaxPub(DT) 5636 (Del-HC) INCOME TAX ACT, 1961
Section 254(1)
The requirement of filing audit reports along with return of income was introduced with effect from 1st April, 2013. Further, powers of the Tribunal are wide enough to admit a claim for deduction to be made by way of a revised return. Hence, assessee had rightly sought enhancement of deduction claimed under section 80-IA by filing revised return.
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Appeal (Tribunal) - Powers - Revised claim of deduction made in revised return -
Assessee raised revised claim before AO seeking enhancement of deduction claimed under section 80-IA, i.e. without setting-off unabsorbed depreciation pertaining to the Windmill Projects already adjusted in respective years against income from other business of assessee. But said revise claim was rejected by AO.Held: In view of Rule 12(2) of Income Tax Rules, 1962, which required returns filed electronically not to be accompanied by any document, the audit reports under Form No. 10CCB of Windmill Projects were not required to be filed by assessee along with return of income. However, this requirement was introduced with effect from 1-4-2013. Further, as the assessee sought enhancement of deduction claimed under section 80-IA by filing revise return, Tribunal had rightly admitted said revised claim.
Relied onCIT v. Sam Global Securities Ltd. (2014) 368 ITR 682 (Del) : 2013 TaxPub(DT) 2538 (Del-HC),CIT v. M/s. Jai Parabolic Springs Ltd. (2008) 306 ITR 42 (Del) : 2008 TaxPub(DT) 1881 (Del-HC)
REFERRED : Goetze (India) Ltd. v. CIT (2006) 284 ITR 323 (SC) : 2006 TaxPub(DT) 1528 (SC), CIT v. Sam Global Securities Ltd. (2014) 368 ITR 682 (Del) : 2013 TaxPub(DT) 2538 (Del-HC), Velayudhaswamy Spinning Mills (P) Ltd. v. Asstt. CIT (2010) 231 CTR 368 (Madras) : 2010 TaxPub(DT) 1648 (Mad-HC) , CIT v. M/s. Jai Parabolic Springs Ltd. (2008) 306 ITR 42 (Del) : 2008 TaxPub(DT) 1881 (Del-HC)
FAVOUR : In assessee's favour
A.Y. : Assessment year 2009-10
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