TaxTMI 
TaxTMI 
2014 (7) TMI 252
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.... for the assessment year 2004-05. 2. The assessee is mainly aggrieved by the disallowance of deduction of Rs. 24,16,480, under section 80IB, which was made on the ground that the requisite and correct audit report in Form (Sic) 10CCB was filed subsequent to the original assessment proceedings. 3. Facts in brief:- The assessee is having an industrial undertaking at Daman, wherein it is manufacturing plastic corrugated hoses and pipes. On the profits derived from the industrial undertaking, the assessee has been claiming deduction under section 80IB, which has been allowed by the Revenue in the earlier years even under scrutiny assessment passed under section 143(3). For the year under consideration, the assessee has claimed deduction u....
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.... have been granted the deductions in the absence of the crucial form and details. While computing deduction u/s 80IB, there has been an incorrect grant of deduction of Rs. 24.16 lakhs which needs to be corrected." The copy of the aforesaid notice is placed in the Paper Book Pg-6. 4. In response to the same, the assessee, vide letter dated 8th October 2007, submitted the new audit report in form no.10CCB in the prescribed form replacing the earlier audit report which was on old form. A copy of the new audit report has been placed in the Paper Book Page-7 to 14. Apart from that, the assessee also filed a detail reply, vide letter dated 6th October 2007, giving factual and legal reasons for accepting the said audit report. Thereafter, th....
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....ing entire details have already been furnished. However, the learned Commissioner (Appeals) held that no audit report was filed before the completion of the original assessment proceedings, therefore, the assessee is not entitled for deduction under section 80IB. 6. Before us, the learned counsel for the assessee, narrating the entire facts, submitted that once the assessee has filed the revised audit report in the new format giving all the requisite details for the claim of deduction in pursuance of the show cause notice issued by the Assessing Officer under section 154, then the said audit report should be taken into cognizance for allowing the claim. He further submitted that the requirement of filing of audit report is "directory" an....
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....t report was not there before the Assessing Officer. This order of the learned Commissioner has also been confirmed by the Tribunal. Thus, there is no scope of allowing deduction under section 80IB in this round of proceedings. He thus, strongly relied upon the order of the Assessing Officer as well as the learned Commissioner (Appeals). 8. We have carefully considered the rival contentions and perused the material available on record. It is not in dispute that the assessee's claim for deduction under section 80IB on the profits derived from its industrial undertaking has been allowed to the assessee since last several years. In this year also, the assessee has made a claim under section 80IB, in form no.10CCB, vide audit report dated 25....
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....th the contention of the learned counsel that if the audit report for the purpose of claiming deduction under section 80IB, has been filed subsequently before the Assessing Officer or even at the appellate stage, the same should be taken into cognizance for examining the allowability of claim for deduction. This view is supported by various judicial pronouncements as cited above. However, under the peculiar facts and circumstances of the present case, where neither the Assessing Officer nor the learned Commissioner (Appeals) in the impugned proceedings, has taken cognizance of the audit report filed before the Assessing Officer in the rectification proceedings, we are of the opinion that in the interest of justice, this matter should be res....