2001 (6) TMI 790

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....g the ground that the Commissioner of Income-tax (Appeals) has erred in cancelling the penalty imposed by the Assessing Officer under section 271B of the Act. The facts of all these appeals are that the assessee was required to obtain tax audit report under section 44AB of the Income-tax Act within the prescribed period. The prescribed period for all these assessees was October 31st of the resp....

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....384 (Delhi) and (iii) Auto Square v. ITO [1992] 43 ITD 259 (Patna). The Commissioner of Income-tax (Appeals) was of the opinion that since the assessee has obtained tax audit report within the prescribed time, he has complied with the requirements of section 44AB and hence no penalty is leviable in these cases. Against this decision of the Commissioner of Income-tax (Appeals), the Revenue has come....