TaxTMI 
TaxTMI 
2022 (6) TMI 189
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....2 relating to the assessment year 2009-2010. 2. The respondent / assessee is engaged in the business of manufacture and sale of cements. They filed its return of income for the assessment year 2009-2010 admitting a total income of Rs.1,58,55,60,958/- on 28.09.2009. After processing the same under Section 143 (1) of the Income Tax Act (in short, "the Act"), notice under Section 143 (2) was issued by the appellant. Upon receipt of the same, the representative of the respondent / assessee appeared for enquiry and produced the required particulars called for by the appellant. Thereafter, the assessing officer passed the assessment order dated 29.12.2011 under section 143 of the Act, inter alia disallowing the claim under section 80IA. Aggrieve....
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.... assessee, which was also affirmed by the Tribunal. The learned counsel further submitted that section 80IA(7) specifically requires the assessee to produce the report of audit in the prescribed form along with the return of income and hence, it cannot be dispensed with. Thus, according to the learned senior standing counsel submitted that the order of the Tribunal is contrary to the mandatory requirement as indicated in Section 80IA(7) of the Act, which is liable to be set aside. 4. On the other hand, the learned counsel for the respondent / assessee would contend that for claiming deduction under section 80IA, it is not mandatory for the assessee to produce the audit report along with the return of income and it can be furnished at any t....
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.... in section 44AB and the assessee furnishes by that date]* the report of such audit in the prescribed form duly signed and verified by such accountant." * substituted for "and the assessee furnishes, along with his return of income" by the Finance Act, 2020 with effect from 1-4-2020. 8. Thus, it is crystal clear from the aforesaid provisions that the assessee should furnish the audit report along with his return of income, only pursuant to the amendment by the Finance Act, 2020 with effect from 01.04.2020. Prior to that, the requirement of filing the audit report along with the return of income is not mandatory, but directory and the audit report can be filed at any time before framing of assessment, so as to meet out the requirement of ....