TMI Blog2001 (7) TMI 1275X X X X Extracts X X X X X X X X Extracts X X X X ..... aggrieved by the order passed by the Tribunal. A few facts relevant for the decision of this case may be noticed. 2. The respondent-assessee filed the return of income which was processed under section 143(1)(a) of the Income-tax Act, 1961 ( the Act ). Proceedings under section 271B of the Act were initiated. A show-cause notice was issued. It was alleged that provisions of section 44AB had not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -1990. Auditors had prepared the report on the basis of the unaudited profit and loss account and balance sheet as on 31-3-1990. Statutory auditors were appointed by the company. They were in the process of audit. The final audit report was completed in March, 1992. In view of these circumstances, the Tribunal rightly took the view that the assessee was not to blame. Thus, the order of penalty was ..... X X X X Extracts X X X X X X X X Extracts X X X X
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