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2012 (4) TMI 300 - AT - Income TaxPenalty u/s 271B - It was noticed by the assessing authority that the assessee has failed to furnish audit report alongwith the necessary enclosures in the prescribed form within the stipulated period, as required under section 44AB - held that:- If this benevolency is going to be delivered for all the time to come, what is the sanctity of section 271B remaining in the statute book? The law enacted by the Parliament must be respected and must be followed. If the Act says that penalty is leviable in certain circumstances, penalty must be levied unless the victim shows that sufficient reasons were prevalent to justify the omission caused. Even though evidences cannot be produced in all cases, the explanations offered by an assessee must be plausible and convincing and answerable to the reasoning of a man of ordinary prudence. We are not expecting scientific reasons with mathematical precisions. We are expecting worldly but convincing reasons. - is a fit case to levy penalty under section 271B.
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