TaxTMI 
TaxTMI 
1993 (3) TMI 166
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....e is a partnership with financial year as its accounting period. It comes within the provisions of s. 44AB. It was, accordingly, required to get its accounts audited within four months from the end of the previous year i.e. by July, 1985 and July, 1986, respectively. The audit report for the asst. yr. 1985-86 is dated 28th Nov., 1985 and for the asst. yr. 1986-87 it is dated 7th Aug., 1986. These ....
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....his conclusion that the assessee was prevented by sufficient and reasonable cause, the learned CIT(A) took into account the lack of knowledge on the part of the managing partner to get the accounts audited, as also the same partner and his family facing serious problems involving ownership of properties. He thus cancelled the penalties. The Revenue is aggrieved. 2. Rival parties are heard and r....
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....of 6th July, 1984 i.e. broadly to ensure that the books of accounts are properly maintained and audit thereof helps the tax administration. Further, sticking to the specified date is not in the hands of the assessee alone since he is required to get his accounts audited from an accountant as specified in s. 44AB. Therefore, the date specified in s. 44AB need to be construed only as obligatory and ....