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2009 (7) TMI 117 - HC - Income TaxCompulsory Audit of Accounts – Failure – Section 44AB read with 271B - circular dated June 19, 1985 – ITAT hold that in view of the assessee filing the return of income within the time up to which extension had been sought and making the payment of tax under section 140A within that extended time, the assessee had satisfied the condition of the Central Board of Direct Taxes circular for payment of self-assessment tax within the normal period prescribed under section 139(1) of the Act for filing the return of income and thereby cancelled the penalty imposed under section 271B of the Income-tax Act – held that - As in the present case, in view of the circular of the Board the audit report has been obtained on September 30, 1985, that would be sufficient compliance with section 44AB of the Act. Thus, the Tribunal was justified in deleting the penalty. – decided in favor of assessee
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