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2014 (7) TMI 594 - AT - Income TaxAudit report obtained u/s 44AB of the Act – Wrong information given to AO - Whether the statement of the assessee that it has obtained the tax audit report prior to filing of return is correct or not – Held that:- The corporate assessees have to furnish Tax audit report in Form 3CA and Form No.3CD - The non-corporate assessees have to furnish the tax audit report in Form 3CB and Form 3CD - it requires the tax auditor only to furnish the details of audit conducted under the Companies Act - the assessee has filed the return of income under E filing procedure - “Part A-O1” of the return of income requires the assessees who are liable for audit under section 44AB of the Act to furnish certain information - The information to be given in “Part A-O1” contains the details to be furnished in Form No.3CD - the assessee has duly furnished all the details under “Part A-O1” of the return of income, there appears to be some truth in the submission of the assessee that it has obtained the tax audit report before the due date for filing return of income - the audit under the Companies Act and u/s 44AB of the Act was conducted by the very same auditor and he has confirmed the fact by filing an affidavit - the assessee could have obtained the audit report u/s 44AB of the Act before filing the return of income - the assessee could have obtained the tax audit report before the due date for filing return of income, there is no justification for levying penalty u/s 271B of the Act – this, the order of the CIT(A) is set aside and the AO is directed to set aside the penalty levied in the hands of the assessee u/s 271B of the Act – Decided in favour of Assessee.
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