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2010 (11) TMI 698 - HC - Income TaxPenalty u/s 271B - Provisions of Section 44AB - The appellant-assessee firm had sent the account books to its auditors in May 1988 for audit but the audit was not completed till the notice u/s 131 was issued to the assessee - The books of account on production before the ADI after getting them from the auditors were impounded on 20.10.1989 - Photo copies of the books were obtained from the ADI in December, 1989 and supplied to new auditors who completed the audit on 26.4.1990 and the return of income was filed along with the audit report on the same date - Therefore, that reasonable cause existed and the delay was neither deliberate nor was there any fault on the part of the assessee - Held that the Tribunal was not right in upholding the penalty - Thus, the appeal is allowed and the substantial question of law is answered in favour of the assessee.
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