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2013 (12) TMI 767 - AT - Income TaxPenalty u/s 271B - assessee has failed to audit its books of account as required u/s.44AB - Held that:- The assessee was exempt from tax upto A.Y. 2002-03 and the law was amended w.e.f. 01-04-2003 - As per the amended provision the definition of local authority was restricted by the Finance Act, 2002 w.e.f. 01-04-2003 and APMC was excluded from the local authority - There was bona fide belief on the part of assessee for not getting its accounts audited u/s.44AB and obtain such audit report before the specified date although the assessee maintains books of accounts and such books of accounts are duly audited by the auditors appointed by the cooperative department - Following Hindustan Steel Ltd. Vs. State of Orissa [1969 (8) TMI 31 - SUPREME Court] - There is a rule that ignorance of law is no excuse but there is no presumption that every one knows the law - Decided in favour of assessee.
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