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2009 (8) TMI 138 - ALLAHABAD HIGH COURTFailure to furnish audit report – penalty - “Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was legally correct in upholding the order of the first appellate authority cancelling the penalty of Rs. 1,00,000 imposed under section 271B of the Act on the ground that no penalty under the said section is exigible if the audit report is obtained within the “specified date” though furnished along with the return filed under section 139(4) of the Income-tax Act, 1961 ?” – audit report obtained before specified date but filed with return after delay - We find that this court in the case of CIT v. Jai Durga Construction Co. [2008 - TMI - 15036 - ALLAHABAD High Court ]has held that the penalty under section 271B of the Act, as it stood at the relevant point of time prior to its amendment by the Finance Act, 1995, which came into existence with effect from 1st July, 1995, was not exigible in case the audit report has been obtained within the specified date and the return of income has been filed beyond time. - Respectfully following the aforesaid decision of this court, we are of the considered opinion that the penalty under section 271B of the Act has rightly been deleted. - We, accordingly, answer the question referred to us in the affirmative, i.e. in favour of the assessee
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