TMI Blog2005 (4) TMI 17X X X X Extracts X X X X X X X X Extracts X X X X ..... appreciating that the quantum of penalty is fixed by the provisions of section 271B of the Act?" - we answer the first question referred to us in the affirmative, i.e., in favour of the assessee and against the Revenue. In view of our answer to the first question the second question has been rendered academic and is being returned unanswered - - - - - Dated:- 1-4-2005 - Judge(s) : R. K. AGRAWA ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he present reference are as follows: The return of income for the assessment year 1987-88 was due to be filed on or before June 30,1987, whereas it was actually filed on September 29, 1987. The respondent-assessee had also filed the audit report dated September 10, 1987, along with the return of income. Likewise for the assessment year 1988-89 the return of income was to be filed on or before Ju ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e heard Sri R.K. Upadhyaya, learned standing counsel for the Revenue, and Sri R.S. Agarwal, learned counsel appearing on behalf of the respondent. Learned standing counsel submitted that as the respondent-assessee had not got his books of account audited before the due date for filing of the return of income, it had committed a default under section 44AB of the Act and, therefore, exposed itself ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ailure no penalty is to be imposed under section 271B of the Act. In the present case, the assessee had given explanation as to why its books of account could not be audited, within the due date. The Tribunal has held that the failure for both the assessment years on the part of the assessee was for good reason, i.e., the illness which is supported by the medical certificate and further the senior ..... X X X X Extracts X X X X X X X X Extracts X X X X
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