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2005 (4) TMI 28 - HC - Income TaxAudit - "Whether Tribunal was right in law in cancelling the penalties imposed on the assessee under section 271B on the ground that the same were not exigible in a case where the audit report under section 44AB had been obtained on or before the specified date and the same was filed along with a return other than a return under section 139(1) and no notice had been issued to the assessee by the Assessing Officer under section 142(1)(i)?" - held that where the return of income has been filed under subsection (4) of section 139 of the Act and the same is duly accompanied by the audit report obtained by the assessee in accordance with the provisions of section 44AB of the Act, penalty under section 271B of the Act is not exigible. - we answer the question in the affirmative, i.e., in favour of the assessee and against the Revenue
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