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2005 (1) TMI 83 - HC - Income TaxFiling of the audit report - Assessing Officer issued notice under section 271B proposing to impose penalty on the ground of violation of section 44AB – Held that AO may not impose penalty if he is satisfied with the explanation given by the assessee for not getting its accounts of previous year audited by an accountant before the specified date and/or filing thereof along with the return – further, merely delay in filing the audit report could not be made a ground for passing an order adverse to the assessee - Penalty is not imposable
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