2003 (6) TMI 435

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...., AM. - Assessing Officer noticed that assessee had filed its return on 1-12-1995 along with audit report under section 44AB, therefore, provisions of section 44AB were contravened. In response to show-cause notice, it was submitted that audit under consideration was completed on 26-10-1995. One of the partners who was to sign the balance sheet etc. was stationed at Mumbai and accountant had to ca....

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....d that the fact that one of the partners was living in Bombay which caused the delay as well as bona fide belief should be held to be reasonable cause under section 273B. In this respect, he relied on Woodward Governor India (Pvt.) Ltd. v. CIT 164 Taxation 175. 3. On the other hand, learned DR strongly supported the orders of lower authorities. 4. We have considered the rival submissions car....