TaxTMI 
TaxTMI 
2004 (10) TMI 546
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.... directed against the order of the Commissioner of Income-tax (Appeals) confirming the levy of penalty under section 271B of the Income-tax Act, 1961, for the assessment year 1994-95. 2. Shri Jose Kappan, the learned authorised representative of the assessee submitted that the assessee filed the return of income for the year under consideration on 20-6-1995 along with the audit report under secti....
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....ore, the Assessing Officer initiated penalty proceedings under section 271B of the Act. According to the departmental representative, since there was no reason- able cause on the part of the assessee in getting the audit report within the prescribed periods, the Assessing Officer has rightly levy the penalty. 3. We have considered the rival submissions and perused the entire materials on record. ....
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....e first appellate authority appears to have disbelieved the claim of the assessee only on the ground that the profit of the assessee for the year under consideration is more than the earlier year. Merely because profit of the assessee increased during the year under consideration it does not mean that the assessee could have filed the audit report within the time-limit. The assessee might have car....