9911796707
TMI Blog2007 (6) TMI 144X X X X Extracts X X X X X X X X Extracts X X X X ..... Sec.271B of the Income-tax Act for the assessment year 2001-02 was not proper ? 2. Whether on the facts and in the circumstances of the case, the Income Tax Tribunal was right in law in deleting the penalty imposed under Sec.271B of the IT Act especially when the assessee had been taken different stands before the assessing officer, CIT Appeals and the Tribunal ? 3. Whether on the facts and in the circumstances of the case, the Income Tax Tribunal was right in law in holding that the accountant had became nervous and could not file the 44AB report along with the return, without any material record to establish that fact ?" 2. The facts leading to the above substantial questions of law are as under : The assessee is the proprietor of M/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... enue submitted that the Audit Report is dated 31.10.2001 and the same was required to be filed on or before 31.10.2001, but the same was filed only on 31.12.2001. Hence there was a delay of two months. He further submitted that the reason offered by the assessee is not convincing and it is only an afterthought. The assessee has got a turnover of more than Rs.4 Crores. Hence, he ought to have more vigilant in filing the Audit Report. Hence the Assessing Officer is justified in levying penalty. 4. Heard the counsel. The assessee had filed Tax Audit Report under Section 44AB of the Act on 31.12.2001. The assessee had misplaced the tax challan. Therefore the Return could not be filed in time and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... section 271D, section 271E, section 271F, section 271FA, section 271FB, section 271G, clause (c) or clause (d) of sub-section (1) or sub-section (2) of section 272A, sub-section (1) of section 272AA or section 272B or sub-section (1) of section 272BB or sub-section (1) of section 272BBB or clause (b) of sub-section (1) or clause (b) or clause (c) of sub-section (2) of section 273, no penalty shall be imposable on the person or the assessee, as the case may be, for any failure referred to in the said provisions if he proves that there was reasonable cause for the said failure." 5. From a reading of the above, it is clear that if the assessee shows sufficient cause for belated filing of Audit Report, the assessee is not subject to levy of pe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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