2009 (8) TMI 640

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....tion 256(1) of the Income-tax Act, 1961, hereinafter referred to as "the Act" for opinion to this court: "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was legally correct in cancelling the penalty of Rs. 42,242 imposed under section 271B of the Act on the ground that no penalty under the said section is exigible if the audit report is obtained within the sp....

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....audited on October 25, 1990, i.e., within the specified time and the audit report was filed with the return, which was filed under section 139(4) of the Act and not under section 139(1) of the Act. However, the Assessing Officer not having been satisfied with the plea taken by the assessee vide order dated October 14, 1992, imposed a penalty of Rs. 42,242. Against the said order the assessee prefe....