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2010 (12) TMI 758 - HC - Income TaxBelated filing of Audit report u/s 44AB - Penalty u/s 271B - Limitation - Assessee had pleaded that there was a reasonable cause within the meaning of Section 273B, as the statutory auditors of the appellant Company were appointed belatedly by the Government of India - It was further the case of the assessee that on a similar account, the penalty which was levied u/s 271B for the assessment year 1990-91, the same explanation was found to be reasonable - The Tribunal in the case of DCIT Vs. Goindwal Industrial and Investment Corporation of Punjab Ltd. (2000 -TMI - 60953 - ITAT CHANDIGARH) wherein under similar circumstances the Tribunal held that the assessee had reasonable cause as it filed return within due date and also filed the audit report u/s 44AB along with return - Accordingly, the questions of law are answered in favour of the assessee.
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