Cost audit applicable but cost audit report not available

This query is : Resolved

priyanka (Querist)
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21 September 2013 Dear Friends,

Cost Audit is applicable to my client but cost auditor has not yet submitted cost audit report. The last date of filing the return is approaching fast on 30/9/2013. My queries are as under:

1. Can we file Tax Audit Report and Income Tax Return with out Cost Audit Report.
2. If yes, What are the implication of not submitting cost audit report along with Tax Audit Report?
3. Will the return be considered as defective return?
4. Client claims Section 80-IA & 80-IC deduction also. Can the assessing officer at the time of assessment disallow deduction u/s 80-IA & 80-IC ?

Please send your expert opinion. Matter is URGENT.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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22 September 2013 1. no need to file the cost audit report while filling Income tax return.

2. There is no implication, since no need to file

3.it is not considered as defective return

4.yes. you can claim the sec.80IA & 80IC with filling on or before due date

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
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23 September 2013 In tax audit report, there is to be mentioned about cost audit . Now what we have to mentioned in it ?

In case of any difference arises in stock valuation as per cost audti and as per financials after finalziaton of Balance sheet and tax audit report . Now what will be impact of it ?

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CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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23 September 2013 Sir.My reply based on the Cost audit and Tax audit independent activity and also Cost audit report will be submitted to the Government not to any other authority. only copy will be provide to company.