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2005 (1) TMI 81 - HC - Income TaxPenalty proceedings under section 271B on account of delayed filing of return - In its reply, the assessee tried to explain delay in the filing of return by stating that its partners were not well educated; that its accountant had left the service and that the chartered accountant had delayed preparation of the audit report. The Assessing Officer did not accept the explanation of the assessee, albeit without assigning cogent reasons and imposed penalty of Rs. one lakh. - Held that explanation given by the assessee for delayed filing of the audit report was genuine and bona fide and the Assessing Officer committed a serious illegality by imposing penalty under section 271B
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