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2016 (5) TMI 214 - AT - Income TaxPenalty u/s.271BA - failure of furnish a report from Accountant as required by Sec.92E at ₹ 1 lakh for each assessment years - Held that:- In the present case, there is no affidavit from the Director or by Chartered Accountant to show that report in Form No.3CEB was obtained before the due date of filing of the return or the said Audit report was made available to the AO either before processing the return u/s.143(1) or completion of assessment order u/s.143(3) of the Act. The order of the Tribunal in the case of M/s. Nectar Lifesciences Ltd.(supra) and the order of Hyderabad Bench of the Tribunal in the case of M/s.GI Systems Org. (India) (P) Ltd. V. ITO [2011 (3) TMI 120 - ITAT, HYDERABAD ] is squarely applicable to the facts of the case. Accordingly, we confirm the levy of penalty u/s.271B of the Act. - Decided against assessee
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