Circular – CBDT issued circular explaining the provisions of The Finance Act, 2023.
Circular No. 1/2024 dated 23.01.2024
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Case Law (HC) -- Exemption u/s 11(1) and (2) cannot be denied on only on the ground that audit report was not filed along with return if same was filed at a later stage and was available with AO when he processed return u/s 143(1), the requirement of law was satisfied.
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Association of Indian Panel board Manufacturer v. DCIT [2023:GUJHC:27028-DB)] "5.6 The tribunal further committed an error in appreciating the import of Section 119 2(b) of the Act inasmuch as the application contemplated thereunder is only additional remedy for the assessee which could not be said to be compulsorily resorted to by the assessee. The circular No.7/18 dated 20.12.2018 issued under Section 119 of the Act could not be, therefore said to have taken away the appellate remedy. 5.7 The tribunal misdirected itself in yet another way when it observed that The Finance Act, 2015 with effect from 1.4.2016, that is from assessment year 2016-17 changed the legal position. There is no such change which could be said to have altered the legal position. The only change is with regard to compulsory filing of audit report in Form 10B in electronically form which is made mandatory under Rule 12 (2) of the Income Tax Rules, 1962 but there is no change with regard to the substantive...