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2004 (7) TMI 61 - RAJASTHAN HIGH COURTAudit of accounts - Considering the business turnover of the assessee he was under an obligation to comply with the provisions of section 44AB and get all its accounts audited and was required to submit the audit report in the prescribed form, along with the returns. That has not been done, therefore, the penalty was initiated u/s 271B - facts are not in dispute that the survey was conducted on January 29, 1991 and books for the assessment years 1989-90 and 1990-91 were impounded, but on the request of the assessee, photocopies of the relevant documents of the assessment years 1989-90 and 1990-91 were supplied to the assessee on June 28, 1991 - This fact has not been disputed by the assessee nor the Tribunal has considered this aspect - There was no justification for not completing the accounts for the assessment years 1991-92 and 1992-93 and get them audited on due dates. No other reason has been given by the assessee for not completing the accounts and getting them audited, as required u/s 44AB – Thus, Tribunal has committed error in cancelling the penalty.
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