https://www.taxtmi.com/caselaws?id=62306 The Tribunal allowed the appeal of the assessee, concluding that the lower authorities erred in denying the benefit of section 44AF(5) due to the late filing of the audit report. The Tribunal emphasized that the legislative intent was not to deny the benefit of lower profits in such cases. As a result, the AO was directed not to apply section 44AF(1), allowing the assessee to claim the business loss as initially reported. en-us Fri, 07 Apr 2006 00:00:00 +0530 Tue, 17 Jul 2012 15:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62306 The Tribunal allowed the appeal of the assessee, concluding that the lower authorities erred in denying the benefit of section 44AF(5) due to the late filing of the audit report. The Tribunal emphasized that the legislative intent was not to deny the benefit of lower profits in such cases. As a result, the AO was directed not to apply section 44AF(1), allowing the assessee to claim the business loss as initially reported. Case-Laws Income Tax Fri, 07 Apr 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62306