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2013 (12) TMI 1108 - AT - Income TaxPenalty u/s.271B – failure to get its accounts audited and furnished before prescribed date u/s 44AB - Waiver of penalty u/s 273B - Held that:- The audit report signed by the auditors in the instant case is dated 01-08-2008 - The assessee is required to get its accounts audited before the specified date i.e. 31st of October 2006 - The assessee has not given any details regarding the name of the previous auditor, the date of resolution appointing the new auditor and copy of any correspondence between the assessee company and the old auditor or the assessee company with the new auditor or correspondence between the new auditor and the old auditor - Delay in obtaining the auditor report was due to change of the auditor and delay in getting NOC from the previous auditor remains unsubstantiated - The assessee was tied up in court litigation the order of which was announced on 14-12-2007 - The assessee failed to substantiate the reason for delay between December 2007 till 01-08-2008 - The assessee could not explain any reasonable cause for not getting the accounts audited before the specified date and furnish the same by that date – Decided against assessee.
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