2005 (7) TMI 320

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...., raises only one issue, i.e., in case the audit report under s. 44AB which was obtained by the assessee within time, but was not produced before the learned AO within specified time, would necessarily lead to a levy of a penalty under s. 271B of the IT Act, 1961 (hereinafter referred to as 'the Act' for short). Meaning thereby, that if the assessee failed to produce this report as directed due to....

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.... Mertia, the learned Authorised Representative, has invited my attention to question No. 32 of Circular No. 755, dt. 25th July, 1997, which clarifies that no penalty under s. 271(1)(c) can be levied for the assessment year to which the disclosure of income relates to. 5. After considering the rival submissions, in the light of the available material on record, I am of the considered opinion tha....