2004 (7) TMI 329

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....c., 2002, cancelling the penalty under s. 271B of the Act pertaining to asst. yrs. 1987-88 and 1989-90. We will first take up the appeal for asst. yr. 1987-88. 2. Briefly, the facts of the case are that the assessee is a private limited company which is required to get its accounts audited under the Companies Act. The report on such audit was to be filed along with the return of income filed by....

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....10th Aug., 1990. A show-cause notice was issued on 14th Feb., 1992, as to why penalty under s. 271B may not be imposed. However, the order imposing penalty has been passed in 2001 which was challenged before the learned CIT(A). The learned CIT(A) cancelled the imposition of penalty on the ground that the order has been passed beyond the limitation period. This finding of the learned CIT(A) has bee....