2013 (3) TMI 817 - HC - Income Tax

Delhi High Court upholds deduction claim under Section 80IB for audit report filed in reassessment.

The High Court of Delhi dismissed the Revenue's appeals regarding the disallowance of the assessee's claim for deduction under Section 80IB for assessment ... - Issues involved: Interpretation of deduction under Section 80IB u/s 147 of the Income Tax Act.Summary:The High Court of Delhi dismissed the Revenue's appeals against the order relating to assessment years 2003-04 and 2004-05. The main issue was whether the disallowance of the assessee's claim for deduction under Section 80IB was justified due to the failure to furnish the audit report in Form 10CCB along with the return of income. The Tribunal ruled in favor of the assessee, stating that the audit report was filed during the reassessment proceedings u/s 147 of the Act, satisfying the requirement for claiming the deduction under Section 80IB. The Tribunal's decision was based on a previous ruling of the Court which stated that the requirement of filing the audit report during assessment proceedings initiated u/s 147 had been met by the assessee. Therefore, the disallowance of the assessee's claim under Section 80IB was deleted, and the Assessing Officer was directed to modify the assessment order accordingly. The Court found no merit in the appeals and concluded that no substantial question of law arose for consideration. Consequently, the appeals were dismissed.