G.S.Singhvi, J.

1. This case has been placed before the Full Bench along with I. T. A. No. 83 of 2001 -- CIT v. Punjab Financial Corporation, Section 17-B, Chandigarh, for determination of the following question of law :

"Whether Section 32AB(5) of the Income-tax Act, 1961, is mandatory or directory and delayed filing of audit report would disentitle an assessee from claiming the benefit of deduction under Section 32AB(1) ?"

The background facts : The income-tax returns filed by the assessee -- Punjab Financial Corporation for the years 1988-89 and 1989-90 were accepted by the Assessing Officer under Section 143(1) of the Income-tax Act, 1961 (for short, "the Act"), and deductions claimed under Section 32AB(1) were allowed. Subsequently, he issued notices under Section 154 of the Act proposing withdrawal of the deductions on the ground that the assessee had failed to file the audit report with the returns as required by Section 32AB(5). On receipt of the notices, the assessee furnished the audit report in the prescribed form but the Assessing Officer declined to accept the same and ordered withdrawal of the deductions. The Commissioner of Income-tax (Appeals), (for short "t