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2001 (9) TMI 8 - HC - Income Tax"(A) Whether the belated completion of statutory audit and filing of audit report under section 44AB of the Act results in automatic levy of penalty under section 271B? - (B) Whether the assessing authority has the discretion to levy or not to levy penalty under section 271B? - (C) Whether there is a failure to exercise jurisdiction by the appellate authority, the second respondent, on the facts of the case? - (D) Whether the levy of penalty is warranted and justified on the facts of the case when the delay in filing the audit report was beyond the control of the petitioner?" - the writ petition is allowed.
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