TaxTMI 
TaxTMI 
2019 (1) TMI 694
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....s a partnership firm, engaged in the business of construction of residential and commercial buildings, had filed its e-return of income on 13/11/2014 by admitting NIL income after claiming deduction of Rs. 2,52,66,114/- under section 80IB (10) of the Income Tax Act, 1961 (hereinafter referred to as 'Act'). The case of the assessee was selected for scrutiny through CASS and a notice under section 143(2) was served on the assessee and assessment was completed under section 143(3) of the Act on 13/12/2016. During the course of assessment proceedings, the Assessing Officer has noted that the assessee-firm has shown income chargeable under the head 'business & profession' at Rs. 2,52,66,114/- and claimed the entire amount as deduction un....
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....of the ld. CIT(A). 6. We have heard both the sides, perused the material available on record and orders of the authorities below. 7. The only short issue involved in this appeal is whether Form No. 10CCB has to file along with return of income or can be filed during the course of assessment proceedings. This issue has been decided by the coordinate bench of the Jaipur Tribunal in the case of Khetan Tiles Private Ltd. (supra) by considering the decision of the Hon'ble Supreme Court in the case of CIT Vs. G.M. Knitting Industries (P) Ltd. [(2015) 376 ITR 456] and has observed that even though necessary certificate in Form No. 10CCB along with return of income had not been filed, but same was filed before final order of the assessment wa....
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....the deduction under sub-section (1) from profits and gains derived from on industrial undertaking shall not be admissible unless the accounts of the industrial undertaking for the previous year relevant to the assessment year for which the deduction is claimed have been audited by on accountant, as defined in the Explanation below sub-section (2) of section 288, and the assessee furnishes, along with his return of income, the report of such audit in the prescribed form duly signed and verified by such accountant." 7. Admittedly, in support of claim of deduction under section 80IA, the audit report in prescribed Form 10CCB has been filed by the assessee company during the course of assessment proceedings. The Hon'ble Supreme Court in ....