https://www.taxtmi.com/caselaws?id=294859 The High Court of Punjab and Haryana ruled in favor of the assessee in a case challenging the disallowance of a deduction in an investment deposit account under section 143(1)(a) of the Income-tax Act for the assessment year 1990-91. The court held that the adjustment made by the Assessing Officer was not sustainable, accepting the assessee's explanation for not filing the audit report with the return due to the auditors' mistake. The court referenced a Full Bench judgment establishing the Assessing Officer's discretion to consider audit reports even if not filed with the return, ultimately disposing of the reference in favor of the assessee based on the settled precedent. en-us Fri, 06 Jul 2007 00:00:00 +0530 Thu, 06 May 2021 13:21:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=294859 The High Court of Punjab and Haryana ruled in favor of the assessee in a case challenging the disallowance of a deduction in an investment deposit account under section 143(1)(a) of the Income-tax Act for the assessment year 1990-91. The court held that the adjustment made by the Assessing Officer was not sustainable, accepting the assessee's explanation for not filing the audit report with the return due to the auditors' mistake. The court referenced a Full Bench judgment establishing the Assessing Officer's discretion to consider audit reports even if not filed with the return, ultimately disposing of the reference in favor of the assessee based on the settled precedent. Case-Laws Income Tax Fri, 06 Jul 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=294859