TaxTMI 
TaxTMI 
2026 (7) TMI 1982
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....essment Year (A.Y.) 2017-18 The assessee has raised following grounds of appeal: "1. On the facts and circumstances of the case and in law, the Ld. Addl/Jt. CIT(A)-2, Chandigarh erred in condoning the delay in filing Audit Report in Form no 10B without appreciating the facts that the Board, in exercise of statutory power vested in it by virtue of provisions contained in Section 119(2)(b) of the Act, 1 has authorized only the Commissioner of Income Tax/ Chief Commissioner of Income Tax/Principal Chief Commissioner of Income Tax to admit application seeking condonation of delay and decide the same on merits, as per Borad Circular No 16/2024 dated 18.11.2024, and no such authorization has been conferred on the other authorities. ....
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....the Ld. Addl./Jt. CIT(A)-2, Chandigarh failed to appreciate binding judicial precedence of Hon ble Supreme Court in the case of PCIT Vs Wipro Ltd (2022) (140 taxman.com 223)(SC) wherein the Hon'ble Apex Court has held that the twin conditions of filing the prescribed declaration and filing it within the prescribed time are both mandatory, and not directory in nature, in order to claim the benefit of exemption reiterating that the statutory provisions, esp. the exemption provisions, are to be construed literally and strictly. 6. The appellant craves leave to add, alter, amend OR withdraw any of the above grounds at the time of hearing of the appeal. 2. The assessee in its cross objection has raised following grounds: "1.....
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.... PCIT vs Wipro Ltd. (2022) 140 taxmann.com 223 (SC) held that filing of audit report and return of income within time are mandatory and not directory in nature. The exemptions provisions are to be complied strictly. 4. On the other hand, the learned Authorised Representative (ld. AR) of the assessee supported the order of ld. CIT(A). The ld. AR of the assessee submits that ld. CIT(A) was allowing relief to the assessee has followed the decision of various High Courts wherein it has been held that if audit report is available at the time of assessment or ld. CIT(A), the facts authority should consider it a sufficient compliance. 5. We have considered the rival submissions of both the parties and have gone through the orders of lower au....
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....e claim of deduction at the time of filing of return so that if an assessee claims an exemption under the Act by virtue of Section 10B of the Act, then the correctness of the claim has already been verified under Sub-section (5) of Section 10B. And thus, if the claim is withdrawn after filing of filing of return, the report of the Accountant filed under Section 10B(5) of the Act would become falsified and would stand to be nullified. Further, the decision in PCIT Vs Wipro Ltd. (supra) is with regard to exemption provision prescribed under Chapter III of Income Tax Act. 8. We find that Hon'ble Apex Court in CIT vs Knitting Industries (P) Ltd. & Others (2015) 376 ITR 456 (SC) wherein the claim was related with deduction under section 80IB ....