TaxTMI 
TaxTMI 
2025 (11) TMI 1378
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....ed company registered as start up company. It filed return of income on 14.03.2022 declaring Nil income after claiming deduction under section 80IAC of the Act of Rs. 2,49,72,917/- which was disallowed while processing return of income. Later on, the case was selected for scrutiny under CASS. 3. Assessee filed appeal before the learned CIT(A) and learned CIT(A) also dismissed the appeal of the assessee observing that assessee did not file Form 10CCB within due date as specified in provisions of income tax Act. As per the mandate of section, assessee had to file Form 10CCB one month prior to filing of return of income. However, the assessee filed Form 10CCB on 07.03.2022 and return of income was filed on 14.03.2022. Accordingly, he dismis....
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.... reported in [2024] 168 taxmann.com 514 (Kolkata - Trib.) and submitted that this case is related to Assessment Year 2023-24 after the amendment in the section, it is with regard to deduction under section 80JJAA of the Act and he referred to para 3 of he judgment and submitted that filing of Form 10DA is procedural in nature and further submitted that regarding filing of audit report prior to one month in the case of deduction under section 80IA, 80IAC or 80JJAA, the provisions are similar and he prayed that the judgment of the Co-ordinate Bench of ITAT, Kolkata, may be applied in the case of the assessee. 7. On the other hand, learned DR relied on the Order of the lower authorities and submitted that there is amendment by the Finance A....
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....sessment Year 2023-24 but the Co-ordinate Bench has allowed as under: "2. The short issue involved in this appeal is as to whether the late filing of audit report in Form 10DA would disentitle the assessee from claiming deduction u/s. 80JJAA of the Act, when the said Form 10DA was available to the Ld. AO at the time of assessment proceedings. The assessee in this case filed the Form 10DA on 27.10.2023 as against the due date of 30.09.2023 but, the same was available to the AO at the Itime of processing the return of income as the notice u/s. 143(1)(a) of the Act was issued by the CPC to the assessee on 23.11.2023. 3. The issue is squarely covered by the decision of Hon'ble Supreme Court in the case of CIT, Maharashtra ....
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.... by the learned counsel appearing on behalf of the assessee is concerned, section 10B(8) is an exemption provision which cannot be compared with claiming an additional depreciation under section 32(1)(ii-a) of the Act. As per the settled position of law, an assessee claiming exemption has to strictly and literally comply with the exemption provisions. Therefore, the said decision shall not be applicable to the facts of the case on hand, while considering the exemption provisions. Even otherwise, Chapter III and Chapter VIA of the Act operate in different realms and principles of Chapter III, which deals with "income which do not form a part of total income", cannot be equated with mechanism provided for deductions in Chapter VIA, which deal....