2025 (11) TMI 470

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.... For the Revenue : Shri Swapnil Choudhary, Sr. DR ORDER UNDER SECTION 254(1) OF INCOME TAX ACT PER PAWAN SINGH, JUDICIAL MEMBER: 1. This appeal by assessee is directed against the orders of ld. CIT(A) dated 20.04.2024 for AY 2020-21. Though, the assessee has raised multiple ground of appeal, however, in our considered view, the substantial ground of appeal relates to denial of relief on c....

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....efore CPC but the same was rejected. On appeal the action of CPC was upheld by ld CIT(A). The ld. AR of the assessee submits that there are series of decision by Tribunals and Gujarat High Court in PCIT Vs KGY Glass Industries (P) Ltd (2023) 156 taxman.com 18 (Gujarat) s wherein it has been consistently held that filing of Form 10IC is directory and delay in filing such for is liable to be condone....

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....is mandatory. The ld Sr DR of the revenue also filed his short written synopsis on record. To support his submissions he relied on the decision of Mumbai Tribunal in Bholanath Precision Engineering (P) Ltd Vs CIT (2022) 145 taxmann.com 180 (Mum-Trib). 5. We have considered the rival submissions of both the parties and have gone through the orders of lower authorities carefully. We have also del....

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....ave taken consistent view that when audit report / Form 10B was filed even at later stage and the same was available before assessing officer when return was processed, the assessee is entitled to exemption. Thus, considering the facts of the case and keeping in view decision of Hon'ble Gujarat High Court in PCIT Vs KGY Glass Industries (P) Ltd (supra) the jurisdiction assessing officer is directe....