Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (4) TMI 287 - AT - Income TaxPenalty u/s 271B of the Act - furnishing of form 3CB instead of form 3CA - Whether the assessee is required to wait till completion of statutory audit under the relevant provision of the Act or it has to furnish the tax audit report as contemplated u/s 44AB – Held that:- The assessee is left with no other alternative but to furnish the report in form 3CB along with form 3CD to make substantial compliance with the provisions of section 44AB - proviso cannot expand or limit the construction of principle provision - the assessee had made substantial compliance with the provisions of section 44AB. Report in form 3CB requires the auditor to examine the balance sheet and profit and loss account and certify that the same are in agreement with the books of account maintained by the assessee, whereas form 3CA only requires the audit report along with audited financial statement to be annexed with the report - primarily the only difference in form 3CA and form 3CB is that in form 3CA the Auditors are not required to give separate audit report - when an assessee had furnished the tax audit report in form 3CB then it cannot be said that it has not complied with the provisions of sec. 44AB merely because the report is not in form 3CA which was not possible for assessee to furnish - law does not require an assessee to do impossible - form 3CB, form 3CA are not mutually exclusive but form 3CA is only supplemental to form 3CB – thus, the order of the CIT(A) for levying penalty u/s 271(1)(c) is set aside – Decided in favuor of Assessee.
|