Appeal Dismissed on Penalty Provision for Late Audit Report Submission The High Court of Allahabad dismissed an appeal under section 260A of the Income-tax Act, 1961, against the order of the Income-tax Appellate Tribunal for ...
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Appeal Dismissed on Penalty Provision for Late Audit Report Submission
The High Court of Allahabad dismissed an appeal under section 260A of the Income-tax Act, 1961, against the order of the Income-tax Appellate Tribunal for the assessment year 1986-87. The Tribunal ruled that the penalty provision was not applicable as the audit report was submitted within the extended deadline of October 31, 1986. The Commissioner of Income-tax (Appeals) accepted the explanation for the delay in submitting the audit report.
The High Court of Allahabad dismissed an appeal under section 260A of the Income-tax Act, 1961, against the order of the Income-tax Appellate Tribunal for the assessment year 1986-87. The Tribunal ruled that the penalty provision was not applicable as the audit report was submitted within the extended deadline of October 31, 1986. The words "without reasonable cause" were removed from section 271B in 1986. The Commissioner of Income-tax (Appeals) accepted the explanation for the delay in submitting the audit report. The appeal was dismissed.
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