ANIL CHANDEL Vs. STATE OF H P

JUDGEMENT

(1.) THE following questions have been referred for opinion of this Court under Section 256 of the IT Act, 1961:

(2.) AS far as the first question is concerned, there is no longer any dispute with regard to the fact that an assessee can file a revised return and can claim the benefit under Sections 80HH and 80J, even if, the said benefits were not claimed in the original return.

(3.) THE Madhya Pradesh High Court in CIT v. Panama Chemical Works , held that filing of the audit report even during the assessment proceedings amounted to substantial compliance with the statutory requirement of the Act. The Punjab & Haryana High Court in CIT v. Gupta Fabs also held that the filing of the audit report along with the return is not mandatory and not a condition precedent for grant of the relief. Similarly, the Madras High Court in CIT v. Valli Cotton Traders (P) Ltd. , held that mere nonfiling of the audit report along with return was not a ground to reject the claim of the assessee in case audit report had been placed on record during the assessment period.