https://www.taxtmi.com/caselaws?id=9783 The Andhra Pradesh High Court ruled in favor of the Andhra Pradesh State Road Transport Corporation, declaring it eligible for benefits under section 11 of the Income-tax Act, 1961. The Court held that the provisions in section 12A(b) were not mandatory, and the Corporation's submission of audit reports before final assessment sufficed. Emphasizing the binding nature of Board circulars, the Court barred the Revenue from challenging the Corporation's eligibility based on delayed report submission. The judgment underscores the significance of adhering to circulars applicable at the relevant time, resulting in a favorable outcome for the assessee. en-us Fri, 09 Jun 2006 00:00:00 +0530 Tue, 14 Jun 2011 04:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9783 The Andhra Pradesh High Court ruled in favor of the Andhra Pradesh State Road Transport Corporation, declaring it eligible for benefits under section 11 of the Income-tax Act, 1961. The Court held that the provisions in section 12A(b) were not mandatory, and the Corporation's submission of audit reports before final assessment sufficed. Emphasizing the binding nature of Board circulars, the Court barred the Revenue from challenging the Corporation's eligibility based on delayed report submission. The judgment underscores the significance of adhering to circulars applicable at the relevant time, resulting in a favorable outcome for the assessee. Case-Laws Income Tax Fri, 09 Jun 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9783