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2009 (8) TMI 640 - HC - Income TaxPenalty- The assessee got its accounts audited within the specified time and filed the report with its return within the time allowed under section 139(4) of the Act. The Assessing Officer took the view that the audited accounts was required to be filed within the time specified under section 139(1) and imposed penalty. The Commissioner (Appeals) upheld the order of the Assessing Officer. The Tribunal cancelled the penalty imposed under section 271B of the Act on the ground that no penalty was exigible if the audit report was obtained within the specified time, though not furnished within the time allowed for filing of the return under section 139(1) of the act. held that- the Tribunal had rightly deleted the penalty u/s 271b of the Act.
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