If the assessee will not submit the audit report along with the income tax return then tax deduction and the advantages like investment associated deduction will not be given, said the Delhi Tax Tribunal.
There are various investment-associated deductions which are concerned with an agreement through several conditions given by the Income Tax law
The Tribunal signifies that in the inadequacy of the audit report being filed with the payment for tax, and avail the advantage on the deduction of incentives was legitimately refused to the assessee during the tax return process.
On 6 November 2017 in the prolonged as of date i.e.,7 November 2017, the assessee entitled as itself has filed his returns of the FY (Fiscal Year) 2016-17 which is prolonged by the Central Board Direct Taxes
“Heavy reliance was placed on the order of the commissioner of income tax (appeals). Furthermore, as per the provisions of the ITL, it is mandatory to furnish the audit report along with the tax return for the purposes of claiming the investment-linked deduction. Since the audit report was approved much beyond the due date of filing the tax return, there is a default in compliance with the requirement leading to valid disallowance of the claim,” said the tax department for the current case.
The assessee who was not familiar with the procedure to submit the tax audit report
“The Tribunal seems to have proceeded on the basis that the said legal position which may be diluted by the fact that, now, the law requires submission of the audit report online. There could be two views on the correctness of the tribunal’s ruling,”