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2015 (3) TMI 321 - HC - Income TaxPenalty under Section 271B - no reasonable cause for delayed filing of the audit report - Held that:- In the case on hand, the assessee filed return of income on 27.3.1990 and the audit report was obtained on 27.4.1990 and submitted during the course of the assessment proceedings. The reason given by the assessee for the delay in submitting the audit report was that the books were impounded on 29.12.1989. The retention of seized/impounded books of accounts and documents is evidenced by the letter dated 29.12.1989 issued by the Assistant Commissioner of Income Tax, Central Circle II-(3), Chennai. Therefore, it is evident that the delay was not intentional, but due to circumstances beyond the control of the assessee Filing of audit report is not mandatory and it is directory. Moreover, the explanation offered by the assessee for the delay satisfies the reasonable cause to be shown by the assessee. - Decided in favour of the assessee.
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