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2010 (6) TMI 67 - BOMBAY HIGH COURTRejection of application for revision by the CIT u/s 264 – rejection of rectification application u/s 254 – penalty for failure to get accounts audited u/s 44AB - The petitioner was subjected to a penalty under Section 271B for the aforesaid four assessment years. The Commissioner while rejecting the representation filed by the petitioner has held that under Section 271B, it is obligatory to get the accounts audited, to obtain a report of audit as required under Section 44AB and to furnish the report – Held that: n his application for rectification, the petitioner had drawn the attention of the Commissioner to the fact that the requirement of furnishing the tax audit report by the specified date was introduced only with effect from 1 July 1995. The application was rejected on 25 March 1996 without recording any reasons. – orders rejected the application for revision / rectification set aside.
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