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| The Tax Publishers2020 TaxPub(DT) 1898 (Chd-Trib) INCOME TAX ACT, 1961
Section 80-IC
Where provision for submission of audit report along with return are not mandatory and that the audit report can be entertained during the assessment proceedings, therefore as decided in case of CIT v. Punjab Financial Corporation' 2001 (12) TMI 50 - PUNJAB AND HARYANA HIGH COURT], deduction could not be denied to assessee.
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Deduction under section 80-IC - Assessee did not file the Form No. 10CCB - Allowability -
Assessee claimed deduction under section 80-IC. However, AO held that the assessee did not file the Form No. 10CCB and accordingly it had failed to comply with mandatory provisions of section 80-IC. Accordingly, deduction claimed under section 80-IC was disallowed. Held: Provision for submission of audit report along with return are not mandatory and that the audit report can be entertained during the assessment proceedings. Issue was covered in favour of assessee by decision of High Court in 'CIT v. Punjab Financial Corporation' 2001 (12) TMI 50 - PUNJAB AND HARYANA HIGH COURT]. Thus, deduction could not be denied to assessee.
REFERRED :
FAVOUR : In assessee's favour.
A.Y. :
IN THE ITAT, CHANDIGARH BENCH
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