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Showing contexts for: Form 10DA in M/S.Hdb Financial Services Ltd.,, ... vs The Pr. Cit-1 , Ahmedabad on 24 January, 2024Matching Fragments
3.1. The assessee replied that during the assessment proceedings the Ld AO issued a notice u/s. 142(1) dated 17/11/2019 asking for various details and in response to deduction claimed by the assessee u/s.80JJAA of the Act. The assessee filed detailed reply dated 21.11.2019 along with annexures. After going through the reply and Form 10DA duly certified by Chartered Accountant, the Ld. AO has accepted the claim of the assessee u/s 80JJAA while passing the assessment order. Thus detailed inquiry was conducted by the Ld. A.O. during the course of assessment proceedings by Ld AO and after keeping in mind the provision contained in section 80JJAA of the Act and no addition was made.
b. What is allowed as the deduction - An amount equal to 30% of additional employee cost incurred in the course of business in the financial year is allowed as a deduction, for three consequent years including the year in which such employment is provided. - the same has been duly verified by the chartered accountant and certified in the form 10DA.
c. Prerequisites for availing of the deduction - There must be an increase in the total number of employees on the last day of the financial year, when compared to the total number of employees employed as on the last day of the preceding financial year - the same has been duly verified by the chartered accountant and certified in the form 10DA.
Provided that the emoluments are paid through banking channels only the same has been duly verified by the chartered accountant while certifying in the form 10DA.
f. Compliance requirement -Rule 19AB of the Income-tax Rules, 1962 requires the employer to obtain Form 10DA from a practicing accountant reporting the said deduction and other information as mentioned therein. The form is required to be obtained before filing of the income-tax return for the said year.
35) dated 11.04.1995."
I.T.A No. 177/Ahd/2022 A.Y. 2017-18 Page No 9 M/s. HDB Financial Services Ltd. . vs. PCIT 6.2. The above direction is without any base, as the claim of the assessee is based on Form 10DA duly certified by Chartered Accountant, which is as per the requirement of section 80JJAA(2)(c) of the Act. The only requirement in section 80JJAA to file Form 10DA duly certified by Chartered Accountant to claim deduction u/s 80JJAA. Even as per the Rule 19AB of the I.T. Rules, the only requirement is to get Form 10DA duly certified by Chartered Accountant for claiming deduction, which has been complied by the assessee. Accordingly there is no justification in the action of the Ld. PCIT in invoking Revision proceedings.