2013 (7) TMI 87

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....n Ghosh, CJ : Sub-section (7) of Section 80-1A of the Income Tax Act, 1961 (hereinafter referred to as "the Act") is as follows:-    "The deduction under sub-section (1) from profits and gains derived from an undertaking shall not be admissible unless the accounts of the undertaking for the previous year relevant to the assessment year for which the deduction is claimed have been a....

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....tely clear that in order to take benefit of the deductions under sub-section (1) of section 80-1A, the assessee is required to have its accounts audited by an accountant, as defined in the explanation below sub-section (2) of section 288 of the Act. In addition to that, sub-section (7) of section 80-1A of the Act directs that the assessee should furnish alongwith his return of income, the report o....

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....n 288 of the Act and non-furnishing alongwith the return, the report of such audit in the prescribed form duly signed and verified by such accountant was not such an ingredient of sub-section (7) of section 80-1A of the Act that the Assessing Officer will be entitled to refuse to look into the audited account though the same has been duly audited by an accountant, as defined in the explanation bel....