ODISHA REAL ESTATE REGULATORY AUTHORITY,BHUBANESWAR vs. CIT(EXEMPTION), HYDERABAD, HYDERABAD

It was submitted by the ld. AR that the assessee is Odisha Real Estate Regulatory Authority and it is notified u/s.10(46) of the Act. It was the submission that the return filed by the assessed came to be processed and the intimation came to be issued u/s.143(1) of the Act on 04.07.2022 accepting the return filed. It was the submission that this intimation was a subject matter of order u/s.263 of the Act wherein the ld. CIT(Exemption) has held that the assessee having not filed the audit report u/s.10(46) of the Act, the exemption should not be granted to the assessee. It was 10(46) of the Act did not require any audit report to be filed. It was submission that the intimation u/s.143(1) of the Act having been issued allowing the assessee's claim of exemption u/s.10(46) of the Act did not contain any error much less an error or prejudicial to the interest of Revenue. It was submission that the order of the Ld.CIT(Exemption), Hyderabad passed u/s.263 of the Act is liable to be quashed, 3. In reply, the Ld.CIT DR submitted that the notification issued by the CBDT dated 25/06/2020, most specifically, in clause (b) of the 2nd paragraph of the notification, it was compulsory for the assessee to file the audit report along with the return duly verified by the accountant as provided the explanation u/s.288(2) of the Act along with the certificate of the chartered accountant. It was the submission that as the audit report has not been filed in line with the notification issued by the CBDT, the Ld.CIT(Exemption) was right in invoking his power u/s.263 of the Act. It was the prayer that the order of the Ld.CIT(Exemption) passed u/s.263 of the Act be upheld.