2009 (8) TMI 36

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..... he Income-tax Act, 1961, hereinafter referred to as "the Act" for opinion to this Court: "Whether on the facts and in the circumstances of the case, the Appellate Tribunal was legally correct in upholding the order of the first appellate authority in cancelling penalty of Rs.1,00,000/- imposed u/s 271-B of the Act on the ground that no penalty under the said section is exigible if the audit repor .....

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..... der dated 24.8.1992. In appeal by the assessee, relying on a decision of the New Delhi Bench of the Tribunal, vide order dated 24.11.1992 the Commissioner of Income Tax (Appeals) cancelled the penalty on the premise that the audit report had been obtained before the specified date and for the delay in furnishing the return of income, penalty could not be imposed under Section 271B of the Act. In a .....

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