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2009 (8) TMI 66 - HC - Income TaxPenalty u/s 271B - the audit report obtained within the 'specified date' though furnished alongwith the belated return filed under Section 139 (4) of the Income Tax Act, 1961 - Assessment Year 1989-90 - penalty under Section 271B of the Act, as it stood at the relevant point of time prior to its amendment by the Finance Act, 1995, which came into existence with effect from 1st July, 1995, was not exigible in case the audit report has been obtained within the specified date and the return of income has been filed beyond time. – penalty not to be imposed.
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