Failure to file Form no. 10CCB along with Return of Income: ITAT upholds disallowance of deduction u/s 80IC [Read Order]

The Income Tax Appellate Tribunal ( ITAT ), Chennai while upheld the disallowance of deduction claimed under Section 80IC of the Income Tax Act, 1961 held that the assessee failed to file Form No.10CCB along with the Return of Income.

The assessee, TVS Srichakra Limited, has filed its return of income for the assessment year 2016-17.Thereafter assessee case was selected for scrutiny .During the proceedings The Deputy Commissioner of Income-tax ( CPC ), has not allowed deduction of Rs. 35,46,93,234/- claimed u/s. 80IC of the Act, for not filing audit report in Form no. 10CCB along with return of income

Aggrieved, the assessee filed further appeal before the CIT( A ) who dismissed the appeal. Thereafter the assessee filed a second appeal before the tribunal.

N.V. Lakshmi , counsel for assessee referred that assessee filed a petition before Chairman, Central Board of Direct Taxes ( CBDT ), for condonation of delay in filing Form no. 10CCB since appeal filed by the assessee may be kept in abeyance

 Nilay Baran Som, counsel for the revenue argued that as per provisions of section 80A r.w.s. 80AC, unless the appellant claims deduction in the return of income filed for the assessment year and also filed relevant audit report in prescribed form, deduction claimed u/s. 80IC of the Act, cannot be allowed.

The tribunal observed that the assessee did not file Form no. 10CCB along with return of income on or before the due date for filing return for the assessment year 2016-17.In this case, the assessee has claimed deduction u/s. 80IC of the Act, but did not file Form no. 10CCB along with return of income on or before the due date for filing the return of income

After reviewing the facts and records, the two-member bench Of Manjunatha. G,( Accountant member ) and Mahavir Singh, (Vice President)  held that the assessee is not entitled for claiming deduction u/s. 80IC of the Income Tax Act. Therefore the bench dismissed the appeal filed by the assessee.

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