TMI Blog2013 (1) TMI 994X X X X Extracts X X X X X X X X Extracts X X X X ..... ding. A survey u/s 133A was carried out at the business premises of the assessee including office, showroom as well as godowns on 12-03-2007. Thereafter the return of income for the year under consideration was filed by the assessee on 28-03-2008 declaring total income of ₹ 60,37,701/-. On verification of the relevant details, the AO noticed that the assessee has filed the tax audit report on 15-04-2008 i.e. beyond the time limit prescribed under the provisions of section 44AB. He, therefore, issued a notice requiring him to show cause as to why penalty u/s 271B should not be imposed for the delay in filing the tax audit report. In reply, it was submitted on behalf of the assessee that a stock statement was prepared during the course ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ization of accounts for the year under consideration as well as getting the same audited was not possible and as such the delay in getting the copy of the said statement from the Department constituted a sufficient cause which prevented the assessee from complying with the requirement of section 44AB. 4. The learned CIT(Appeals) did not find merit in the submissions made on behalf of the assessee and confirmed the penalty imposed by the AO u/s 271B for the following reasons given in paragraph No. 4 of his impugned order : I have gone through the assessment order, perused the submissions made by the appellant and also discussed the case with the A.R. of the appellant. However, on perusal of the penalty order and the docu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in furnishing the audit report within the time limit as prescribed in section 44AB being delay in getting the copy of stock statement prepared during the course of survey, was not accepted by the AO as sufficient cause as according to him, there was no connection between the assessee getting his accounts audited and receiving the copy of stock statement prepared during the course of survey. The learned CIT(Appeals), on the other hand, seems to have agreed with the assessee that the delay in getting the copy of stock statement prepared during the course of survey was a reasonable cause for not getting the accounts audited. He, however, has held that the claim of the assessee of not getting the copy of stock statement prior to the due date o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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