TMI Blog2009 (2) TMI 45X X X X Extracts X X X X X X X X Extracts X X X X ..... exempted u/s 80 P - no any sufficient reason to interfere with the satisfaction recorded by the tribunal as to the finding of fact that the assessee had no intention to cause any loss to Revenue and as such, the penalty was not imposable - 57 of 2007 - - - Dated:- 12-2-2009 - PRAFULLA C. PANT AND B.S. VERMA, JJ. Shri Arvind Vashistha, Advocate for the appellants. Shri Gopal Narain, Ad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sticides etc. The respondent/assesee was required under Section 44 AB of Income Tax Act, 1961, to get its account audited, which it failed to get done within the time prescribed i.e. on or before 31.10.1999. When notices were issued to the assessee before the penalties imposed under Section 271 B of the aforesaid Act, the assessee pleaded that it was under the bona fide belief that it was not requ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 19.10.2006. Hence this appeal. 4. Learned counsel for the appellant argued that ignorance of law is no excuse and, since the assessee admittedly failed to submit the audit report within due date, as such the Assessing Officer had committed no error of law in imposing the penalty under Section 271 B of Income Tax Act, 1961. It is further contended that the Income Tax Appellate Tribunal, has err ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ether the income was deductible or not. The question before us is whether in such a case, there was justification on the part of the Assessing Officer to impose penalty under Section 271 B of the Act for non submission of audit report under Section 44 AB or not on or before due date. 6. Considering all the facts and circumstances of the case, we are of the view that since there appears no inte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , we hold that though an assessee is liable to penalty under Section 271 B of Income Tax Act, 1961, for failure to comply the provisions of Section 44 A B of the Act, but since in the present case, no tax was payable by the assessee/respondent in view of the provisions contained in Section 80 P of the Act, the tribunal has committed no error of law in setting aside the penalty imposed by the Asses ..... X X X X Extracts X X X X X X X X Extracts X X X X
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