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2015 (1) TMI 664 - HC - Income TaxPenalty u/s.271B - Tax Audit Report not submitted within the due date - Held that:- Appellant-assessee is a "sick unit" under the BIFR and could not finalize its Accounts and obtain the Tax Audit Report before 31.03.1994. The assessee had submitted the original Return on the basis of the provisional Balance Sheet and P & L Accounts and revised Return was filed on 04.10.1994 along with the Tax Audit Report. Therefore, there was sufficient cause behind the delay. Tribunal ought not to have reversed the order of CIT(A) whereby, the penalty u/s.271B imposed by the Assessing Officer was quashed and set aside. Therefore, the question of law as to whether the Tribunal is right in law in confirming the levy of penalty of ₹ 1,00,000/- u/s.271B of the Act is answered in the negative. - Decided in favour of the assessee.
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