Details of Case: CIT v Panama Chemical Works (2000) 245 ITR 684 (M.P.)
This query is : Resolved
06 December 2007
Dear Friends,
I am in need of details of the follwing High Court case:
Details of Case: CIT v Panama Chemical Works (2000) 245 ITR 684 (M.P.)
The case is regarding submission of Form No. 10CCB during the Assessment Proceedings.
Pls send me ASAP.
Thnks.
I am in need of details of the follwing High Court case:
Details of Case: CIT v Panama Chemical Works (2000) 245 ITR 684 (M.P.)
The case is regarding submission of Form No. 10CCB during the Assessment Proceedings.
Pls send me ASAP.
Thnks.
06 December 2007
CIT vs. Panama Chemicals Works [2007] 207 CTR (M.P.) 249
The assessee’s claim of deduction under section 80-I was turned down by the AO on the ground that report in Form No. 10CCB was not submitted along with the return. The Assessee’s contention was accepted by the CIT(A) and upheld by the Appellate Tribunal.
The Department carried the matter to High Court by way of a reference under section 256(1) of the Act. The Hon’ble Court observed that the requirement of filing the report is mandatory and failure to file it is fatal. But that is not so insofar as the requirement of filing it along with the return is concerned. If, in a given case, the assessee fails to file such report along with the return and files it subsequently, but before completion of the assessment, it will not be fatal to the claim of the assessee and the A.O. will have the power to accept the same if he is satisfied that the delay in filing the same was for good and sufficient reasons.
The assessee’s claim of deduction under section 80-I was turned down by the AO on the ground that report in Form No. 10CCB was not submitted along with the return. The Assessee’s contention was accepted by the CIT(A) and upheld by the Appellate Tribunal.
The Department carried the matter to High Court by way of a reference under section 256(1) of the Act. The Hon’ble Court observed that the requirement of filing the report is mandatory and failure to file it is fatal. But that is not so insofar as the requirement of filing it along with the return is concerned. If, in a given case, the assessee fails to file such report along with the return and files it subsequently, but before completion of the assessment, it will not be fatal to the claim of the assessee and the A.O. will have the power to accept the same if he is satisfied that the delay in filing the same was for good and sufficient reasons.
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