The Tax Publishers2020 TaxPub(DT) 0534 (SC)

INCOME TAX ACT, 1961

Section 261 Section 44AB

Where the assessee preferred appeal against the judgment of Himachal Pradesh High Court in Himachal Pradesh State Forest Corporation Ltd. v. Dy. CIT [Civil Writ Petitions Nos. 590, 591, 592 and 593 of 1992, dt. 5-5-1997] : (1998) 231 ITR 556 (HP-HC) : 1998 TaxPub(DT) 0524 (Hp-HC), whereby the High Court held that Board's Instructions No. 1348 dated 30-8-1980 cannot prevail over the statute and as such, as per the instructions given by the Board, the non-compliance with the conditions mentioned in clauses (a) and (e) of the Explanation to section 139(9) would not invalidate the return, the Supreme Court disposed of the appeal directing that the revised return dated 10-2-1994 filed by the appellant-assessee for the concerned assessment year 1988-1989 accompanied by audited accounts and the audit report under section 44AB of the IT Act ought to proceed further and be taken to its logical end by the AO expeditiously.

Appeal (Supreme Court) - Special leave petition - Return - Validity--Return filed without audit report under section 44AB

Assessee preferred appeal against the judgment of Himachal Pradesh High Court in Himachal Pradesh State Forest Corporation Ltd. v. Dy. CIT [Civil Writ Petitions Nos. 590, 591, 592 and 593 of 1992, dt. 5-5-1997] : (1998) 231 ITR 556 (HP-HC) : 1998 TaxPub(DT) 524 (HP-HC), whereby the High Court held that Board's Instructions No. 1348 dated 30-8-1980 cannot prevail over the statute and as such, as per the instructions given by the Board, the non-compliance with the conditions mentioned in clauses (a) and (e) of the Explanation to section 139(9) would not invalidate the return. Held: The Supreme Court disposed of the appeal directing that the revised return dated 10-2-1994 filed by the appellant-assessee for the concerned assessment year 1988-1989 accompanied by audited acounts and the audit report under section 44AB of the ITY Act ought to proceed further and be taken to its logical end by the AO expenditiously. The court directed accordingly. Besides this, nothing more is required to be said in this appeal except to reiterate that the assessment be proceeded on its own merits in accordance with law, including to consider all just exceptions available to the assessee.

REFERRED :

FAVOUR : In assessee's favour (Partly).

A.Y. :

IN THE SUPREME COURT OF INDIA

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