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2011 (3) TMI 120 - AT - Income TaxPenalty u/s. 271BA - Not filing the audit report within the stipulated time - The assessee has not placed any evidence that it was filed by the assessee before completion of the assessment u/s. 143(3) or 143(1) - The filing of audit report during the assessment u/s. 148 does not cure the mistake committed by the assessee - From this, infer that the assessee has not filed the report u/s. 92E before the Assessing Officer on or before the completion of assessment u/s. 143(3) or processing the return u/s. 143(1) of the Act - The assessee has not filed the audit report u/s. 92E before completion of regular assessment or processing the return as the case may be and the assessee has not shown reasonable causes for not filing the audit report within the stipulated time - The assessee argued before the CIT(A) that initiation of penalty proceedings is barred by limitation - However, it could not show as to how the initiation of penalty proceedings is barred by limitation. Held that: do not find any infirmity in the orders of the CIT(A)- Hence, penalty is confirmed - The appeals of the assessee is dismissed.
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