2023 (6) TMI 923

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.... 1961 (hereinafter referred as to 'the Act') for Assessment Year 2016-17. 2. The issue before us is this that the delay in filing the audit report in Form 10B whether can be condoned. 3. The brief facts leading to the case is this that the appellant filed its return of income for 2019-20 on 31.03.2018 showing the gross receipts at Rs. 76,71,487/-. The CPC, Bangalore, while processing the return under Section 143(1) of the Act, made a disallowance to Rs.76,71,487/-, being the expenses / application of income claimed by appellant and raised a demand of Rs.32,34,000/ by denying Form No.10B. Aggrieved with the order u/s 143(1), the appellant filed rectification application 154 on 24.07.2019. The CPC, Bengaluru, vide rectification order da....

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....d. DR has not been able to controvert such submission made by the assessee, neither could place any judgment on this issue passed against the assessee pronounced by any Judicial Forum. 7. We have carefully considered the order passed by the authorities below and the judgment passed by the Hon'ble Jurisdictional High Court in case of Association of Indian Panelboard Manufacturer (supra) on the issue involved. While passing order in favour of the assessee, the Hon'ble Jurisdictional High Court has been pleased to observe as follows: "5.6 The tribunal further committed an error in appreciating the import of Section 119 2(b) of the Act inasmuch as the application contemplated thereunder is only additional remedy for the assessee whi....