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2009 (8) TMI 36

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..... nts audited and to file the audit report within the stipulated time as provided under section 139 (1) of the I.T. Act - held that - the penalty under Section 271B of the Act, as it stood at the relevant point of time prior to its amendment by the Finance Act, 1995, which came into existence with effect from 1st July, 1995, was not exigible in case the audit report has been obtained within the spec .....

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..... ) of the Income Tax Act, 1961? The present Reference relates to the Assessment Year 1989-90. The Brief facts giving rise to the present Reference are as follows: In terms of Section 44AB of the Act the assessee was required to get his accounts audited and to obtain the audit report before 31.10.1989. The audit report was obtained before the aforesaid date but was filed along with the belated retur .....

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..... ppeals) vide order dated 3.4.1998. We have heard the learned counsel for the parties. We find that this Court in the case of Commissioner of Income-tax Vs. Jai Durga Construction Co., (2000) 245 ITR 857 has held that the penalty under Section 271B of the Act, as it stood at the relevant point of time prior to its amendment by the Finance Act, 1995, which came into existence with effect from 1st Ju .....

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