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TMI Blog2003 (3) TMI 76X X X X Extracts X X X X X X X X Extracts X X X X ..... the penalty of rupees one lakh for each year after proper interpretation of section 271B read with section 273B of the Act?" The relevant assessment years are 1990-91 and 1991-92. The Assessing Officer has initiated proceedings for penalty for the assessment years 1987-88 to 1991-92. The turnover of the assessee was more than Rs. 40 lakhs. During these three years, the assessee was obliged to file report in Form No. 3CD along with audited balance-sheet, profit and loss account with the return as per the requirement of section 44AB of the Income-tax Act, 1961 (hereinafter referred to as "the Act"), which came into effect from the assessment year 1985-86, which requires that each assessee whose turnover is more than Rs. 40 lakhs is liable t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ear. Mr. R.B. Mathur, learned counsel appearing for the Revenue, submits that whether the assessee has a reasonable cause for not submitting the audit report for the years 1990-91 and 1991-92, the Tribunal has considered the explanation in para. No. 9 of its judgment and found that for both these assessment years, the assessee has no reasonable cause to file the audit report. Para. No. 9 of the Tribunal's judgment reads as under: "9. Now we will take up the penalty issue for the assessment years 1990-91 and 1991-92. We noted that the accounts for these two years were handed over to the Accountant- office on December 29, 1990, and March 3, 1992. In this way we noted that the accounts book for the assessment year 1990-91 were handed over to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 89 31-12-1990 31-12-1991 Date on which annual accounts of the Board rendered to the AG office 23-10-1989 29-12-1990 03-03-1992 Date on which audit certificate issued by the AG 22-8-1990 5-12-1991 11-11-1992 Date on which tax audit report received 28-8-1990 20-1-1992 26-11-1992 There is no dispute on the facts that the assessee got its accounts audited by the Accountant-General office for the three preceding years, Though the accounts were submitted before the due date but the accounts were not audited by the Accountant-General office before due date. For these three years, the Tribunal found that the assessee has a reasonable ground for not submitting the audit report on the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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