2013 (6) TMI 882

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....heard Shri R.A. Verma, learned Senior DR and Shri S.S. Deshpande, learned counsel for the assessee. The crux of arguments on behalf of the Revenue is identical to the ground raised by further submitting that before the Assessing Officer the assessee company took the stand that the assessee is not required to get its accounts audited under the then provisions of the Act and took a different stand before the learned first appellate authority. The assessment order was defended. On the other hand, the learned counsel for the assessee defended the impugned order. 4. We have considered the rival submissions and perused the material available on record. Before coming to any conclusion, we are reproducing hereunder the relevant portion of the orde....

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....rt alongwith the return is not mandatory but directory and if the audit report is filed at any time before the framing the assessment, requirement of section 80IA(7) would be met'. Thus, the appellant had set up an independent undertaking Unit-II for manufacturing of micronutrient fertilizer, which was not an expansion of earlier unit and also fulfils other conditions of section 80IA(2) of the Act. Therefore, in view of the above, I am of the opinion that the appellant was eligible for claiming deduction u/s 80IA. Hence, the A.O. is directed to allow deduction u/s 80IA of ₹ 11,10,057/-. Accordingly, these grounds of appeal are allowed." 2.1. The facts, in brief, are that, during the relevant period, the assessee company was carrying ....