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2007 (12) TMI 138 - HC - Income TaxPenalty u/s 271B for failure to obtain the audit report – Application filed before AO for extension of time for filing return– no reply to the application was given by officer – assessee presumed that extended time has been granted – held that assessee can well presume that his request for extension of time had been granted if AO don’t give his refusal – penalty not imposable – U/S 260 HC is empowered to frame any substantial question of law if question raised before tribunal; is not heard
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