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2013 (10) TMI 658 - HC - Income TaxPenalty u/s 271B - Failure to get its accounts audited or submitted before due date - Whether the cause shown by an assessee would constitute a good cause for the non-compliance in order to avoid him from paying the penalty imposed – contention that the accountant was on leave during the relevat period - Held that:- it was a non completion of audit of the accounts of a branch at USA which prevented the head office from submitting the records. It was not possible for the head office in India to complete the accounting and then submit audit report within the time prescribed. But, in this case it was within the reach of the assessee to complete the process of finalisation of accounts and then submit an audit report within the time prescribed which they failed to do. Even other wise on facts, no material is produced by the assessee to substantiate the cause shown by the assessee. – Decided against Assessee.
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