2024 (12) TMI 818

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.... of Rs. 26,81,185/- claimed under Section 10AA of the Income Tax Act, 1961 [hereinafter referred to as "the Act"] for the Assessment Year (AY) 2017-18. Facts of the Case: 2. The assessee is an individual and filed his return of income for the AY 2017-18 on 07.11.2017 declaring total income of Rs. 16,30,680/- after claiming a deduction of Rs. 26,81,185/- under Section 10AA of the Act. The assessee is engaged in IT-enabled services under the name "Brain Teclabs" and operates within an IT/ITES Special Economic Zone (SEZ) approved by the Kandla SEZ authority. The Centralized Processing Center (CPC), Bengaluru, disallowed the claim under Section 143(1) of the Act, citing the assessee's failure to file the mandatory audit report in Form 56F....

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....he AR placed reliance on following judicial precedents: 1. CIT vs. Gujarat Oil and Allied Industries - [1993] 201 ITR 325) (GUJ). 2. M/s. Vishnu Exports vs. ACIT - (ITA No. 1840/Ahd/2018). 3. Aprameya Engineering Limited vs. ITO, Ward-1(1)(1) Ahmedabad - (ITA No. 456/Ahd/2024). 4. Arvind Kumar Agarwal vs. ITO - (ITA No. 917/Del/2022). 5. The Departmental Representative (DR) argued that compliance with Section 10A(5) of the Act, made applicable to Section 10AA of the Act through Section 10AA(8) of the Act, mandates filing the audit report in Form 56F along with the return of income. Failure to comply with this condition renders the claim inadmissible. The DR also stated that the date of filing return of....