https://www.taxtmi.com/caselaws?id=77136 For the pre-amendment regime, penalty under section 271B of the Income-tax Act was not leviable where the assessee obtained the audit report within the prescribed time under section 44AB, even if the return was furnished after the due date under section 139(1). The HC applied its earlier ruling and held that timely obtaining of the audit report was sufficient compliance for the relevant assessment year before the Finance Act, 1995 amendment. The penalty was therefore deleted and the issue was decided in favour of the assessee. en-us Thu, 27 Aug 2009 00:00:00 +0530 Fri, 20 Aug 2010 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=77136 For the pre-amendment regime, penalty under section 271B of the Income-tax Act was not leviable where the assessee obtained the audit report within the prescribed time under section 44AB, even if the return was furnished after the due date under section 139(1). The HC applied its earlier ruling and held that timely obtaining of the audit report was sufficient compliance for the relevant assessment year before the Finance Act, 1995 amendment. The penalty was therefore deleted and the issue was decided in favour of the assessee. Case-Laws Income Tax Thu, 27 Aug 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=77136