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2008 (7) TMI 532 - HC - Income TaxPenalty- 1.Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that no penalty is imposable under section 271B for non-compliance with the provisions of section 44AB on the ground that the returns were filed belatedly neither under section 139 nor on a notice under section 142 of the Act? 2. Whether on the facts and in the circumstances of the case, the Tribunal was right in deleting the penalty without giving a finding of fact as to whether the tax audit report had been obtained within the prescribed time by the assessee? Held that- assessee own case involving similar question of law was decided in against the revenue. Thus the Tribunal is right in holding that no penalty was imposable u/s 271B of the Act for non compliance with the provision of section 44AB on the ground that the return was filed belatedly. Thus dismiss the appeal.
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