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2010 (9) TMI 887 - PUNJAB AND HARYANA HIGH COURTPenalty u/s 271B for delayed filing of the audit report - appellant submitted that the accounts of the assessee were audited on 8.6.1991, i.e. before the filing of the return, but the audit report was misplaced and, therefore, the same could not be filed along with the return - return declaring an income was filed on 3.9.1991 which was processed under Section 143(1)(a) on 4.2.1992 and the Assessing Officer had not initiated any penalty proceedings under Section 271B of the Act - audit report dated 8.6.1991 was filed by the assessee during reassessment proceedings, Tribunal was in error in reversing the order of the CIT(A) while upholding penalty under Section 271B, against the revenue and in favour of the assessee, appeal allowed [Kaysons India's case (2000 - TMI - 14797 - PUNJAB AND HARYANA High Court - Income Tax)]
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