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2009 (8) TMI 66

..... r 1989-90 - 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 specified date and the return of income has been filed beyond time. penalty not to be imposed. - 99 of 2000 - 27-8-2009 - Hon .....

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..... ms of the Section 44AB of the Act the assessee was required to get his accounts audited and to obtain audit report before 31.10.1989. The audit report was obtained on this date but the same was filed along with the belated return furnished on 31.11.1989. The Assessing Officer was of the view that the audit report was not only required to be obtained before the specified date i.e. 31.10.1989, but i .....

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..... Act, as they stood at the relevant point of time, there was no requirement for furnishing the audit report independent of the return, which lacuna was overcome by amending Sections 44AB and 271B of the Act by the Finance Act, 1995 with effect from 1.7.1995 and has cancelled the penalty vide its order dated 12.5.1998. We have heard the learned counsel for the parties. We find that this Court in the .....

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